Topic: HUD’s Neighborhood Stabilization Program (NSP)

HUD approves $731m for neighborhood stabilization

March 21, 2009 |

Funding aimed at neighborhoods hard-hit by foreclosure

WASHINGTON – U.S. Housing and Urban Development Secretary Shaun Donovan today approved nearly $731 million in funding for 48 States and local communities seeking to recover from the effects of high foreclosures and declining home values. Funded under HUD’s Neighborhood Stabilization Program (NSP), these plans will target emergency assistance to particular neighborhoods by acquiring and redeveloping foreclosed properties that might otherwise become sources of abandonment and blight (see attached chart).

The neighborhood stabilization plans approved today include a $145 million plan submitted by the State of California, a program President Barack Obama recognized during a town hall meeting today in Los Angeles. «Read the rest of this article»

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