Neighborhood stabilization program
This presentation is the property of its rightful owner.
Sponsored Links
1 / 12


  • Uploaded on
  • Presentation posted in: General

NEIGHBORHOOD STABILIZATION PROGRAM. A Component of HUD’s Community Development Block Grant (CDBG) Program. Neighborhood Stabilization. Authorized by Housing and Economic Recovery Act of 2008 (HERA) Funding Level = $3.92 Billion Grants to states and local governments.

Download Presentation


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.

- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -

Presentation Transcript

Neighborhood stabilization program


A Component of HUD’s Community Development

Block Grant (CDBG) Program

Neighborhood stabilization

Neighborhood Stabilization

  • Authorized by Housing and Economic Recovery Act of 2008 (HERA)

  • Funding Level = $3.92 Billion

  • Grants to states and local governments

Neighborhood stabilization1

Neighborhood Stabilization

  • Not all regular CDBG entitlements will receive NSP funds

  • Unfunded entitlements to access NSP funds through states

  • States may award NSP funds to entitlements receiving own NSP grant

  • States authorized to directly implement activities

Neighborhood stabilization2

Neighborhood Stabilization

  • HERA specifies formula distribution, eligible uses, targeting requirements

  • HUD will use Notice approach to implementation

Neighborhood stabilization3

Neighborhood Stabilization

  • HUD established formula and announced on website ( Sept. 29

  • Formula is based on number and percent by state and local government for:

    • Foreclosures

    • Subprime loans

    • Delinquencies

  • Reallocation provision – Failure to apply, unacceptable application, or poor performance

Neighborhood stabilization4

Neighborhood Stabilization

  • HUD approach equates release of allocations with distribution of funds

  • Application is substantial amendment to existing annual CPD action plan

  • Grantees to submit amendment not later than December 1, 2008

Neighborhood stabilization5

Neighborhood Stabilization

  • HERA directs that funds be treated as CDBG funds except:

    • As modified by HERA;

    • HUD may specify alternatives to CDBG requirements solely to expedite use of funds;

    • HUD may not alter fair housing, nondiscrimination, labor relations and environment.

Neighborhood stabilization6

Neighborhood Stabilization

  • HERA imposes alternative low-mod benefit requirements

    • All funds must benefit individuals at or below 120% of area median income (AMI)

    • 25% of all funds must be used to benefit individuals at or below 50% of AMI

Neighborhood stabilization7

Neighborhood Stabilization

  • Eligible uses – 5 specified by HERA

    • Financing mechanisms

    • Acquisition and rehabilitation

    • Land banking

    • Demolition

    • Redevelopment

  • Will allow up to 10% for grantee administrative cost

  • Pre-award costs allowable

Neighborhood stabilization8

Neighborhood Stabilization

  • Homes acquired or redeveloped for use as primary residence must be sold at or below total cost of activities

  • All properties to be purchased at discount to current market appraised value

Accessing the disaster recovery grant reporting drgr system

Accessing the Disaster Recovery Grant Reporting (DRGR) System

  • Full name

  • Address

  • Phone number with extension

  • Fax number

  • Email address

  • Whether you will be the system administrator for your community

  • Last 6 digits of your social security number

email [email protected] for set-up and questions

Nsp workshops

NSP Workshops

The sessions scheduled are:

Friday, October 10, 2008:

Wilshire Grand Hotel930 Wilshire BoulevardLos Angeles, CA 90017Guest room reservation: (888) 773-2888

Tuesday, October 14, 2008

Hilton Polaris8700 Lyra DriveColumbus, OH 43240Guest room reservation: (800) 885-1600

Thursday, October 16, 2008

Sheraton Safari Hotel and Suites Lake Buena Vista12205 South Apopka Vineland RoOrlando, FL 32836Guest room reservation: (407) 239-0444

  • Login