HUD Releases Notice on Neighborhood Stabilization Program - October 1, 2008

On September 29, 2008, HUD released a Notice outlining the procedures under which the new Neighborhood Stabilization Program (NSP) for foreclosed or abandoned properties will operate. The Notice is effective immediately. In it, HUD explains that it is treating NSP funds as an FY2008 “special allocation” of Community Development Block Grant (CDBG) funds and specifies the ways in which NSP requirements will and will not differ from CDBG requirements. The Notice also includes a listing of allocations by state and locality nationwide.

• CHAPA's Summary of the Notice can be read here.

• For HUD's description of the program and a list of allocations, please click here.

• Please click here to view the full text of the Notice.