You may have been hearing about HUD's new Neighborhood Stabilization Program that is to provide emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. The Neighborhood Stabilization Program (NSP) provides grants to every state and certain local communities to purchase foreclosed or abandoned homes and to rehabilitate, resell, or redevelop these homes in order to stabilize neighborhoods and stem the decline of house values of neighboring homes. The Historic Salisbury Foundation went through the process of filing for Salisbury to receive this grant. We thought we were in a good position to be awarded.
HSF is still waiting to hear about the awarding of grants for the Neighborhood Stabilization Program from HUD. This is quite a delay as results were expected over three weeks ago and there was extreme pressure to submit applications, award grants and obligate the funds quickly. We have been given no reason for the delay.
NSP funds may be used for activities which include, but are not limited to:
- Establish financing mechanisms for purchase and redevelopment of foreclosed homes and residential properties;
- Purchase and rehabilitate homes and residential properties abandoned or foreclosed;
- Establish land banks for foreclosed homes;
- Demolish blighted structures;
- Redevelop demolished or vacant properties
If you'd like to know more about the program you can read about it on HUD's website at: - http://www.hud.gov/offices/cpd/communitydevelopment/programs/neighborhoodspg/
- or just Google "HUD NSP" and it should appear at the top of the search list.
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