HUD AWARDS $2 BILLION THROUGH NEIGHBORHOOD STABILIZATION PROGRAM
U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan announced yesterday the award of $2 billion in American Recovery and Reinvestment Act funding to states, local governments and non-profit housing developers, under HUD’s Neighborhood Stabilization Program (NSP). Nearly 80 grantees are receiving awards. A full list of grants awarded can be found here. The $2 billion in NSP grants will help state and local governments and non-profit developers collaborate to acquire land and property; to demolish or rehabilitate abandoned properties; offer down-payment and closing cost assistance to low- to middle-income homebuyers; and create “land banks” to assemble, temporarily manage and dispose of foreclosed homes.