HUD Publishes Information on $4 Billion in Funding for Neighborhood StabilizationMary Grace Folwell
April 1, 2009 — 361 views
An opportunity has arisen for developers to fund affordable housing projects that will serve to stabilize neighborhoods affected by the foreclosure crisis. HUD has made available the federal register notice of the allocation of $3.92 billion in Neighborhood Stabilization Program funds to individual jurisdictions, and the rules that will apply to the allocation of these funds. These funds were originally appropriated in the Housing and Economic Recovery Act signed into law on July 30, 2008. Community Development Block Grant rules apply to NSP funding, with exceptions for NSP goals and requirements as described by HERA and detailed in the federal register notice.