10 YEAR PLAN EFFORTS CAN BENEFIT FROM NEW $3.9B NEIGHBORHOOD STABILIZATION PROGRAM RESOURCES

WASHINGTON, DC. October 10. The Housing and Economic Recovery Act of 2008 enacted on July 30 included $3.9 billion for emergency assistance for redevelopment of abandoned and foreclosed homes and residential properties (Neighborhood Stabilization Program (NSP)) to be administered by the U.S. Department of Housing and Urban Development through the Community Development Block Grant Program. The new NSP funding is being made available to states and communities to purchase foreclosed or abandoned homes at a discount and to rehabilitate, resell, or redevelop these homes to stabilize neighborhoods and for the benefit of low and moderate income individuals and families whose income does not exceed 120% of area median income.


source: Interagency Council on Homelessness