Neighborhood Stabilization Program 2
Overview
These funds are administered by HUD through a competitive grant process, and the dollars will be targeted to areas most impacted by foreclosures. This supplements $4 billion authorized in late 2008, but not yet distributed. The recovery act funds will be competitive.
Under NSP2, HUD will award funds on a competitive basis to states, local governments, and non profit organizations. The program objectives and eligible uses did not change under the Recovery Act, but the allocation process and some regulations on the funds have changed. The deadline to apply for NSP2 funding is July 17, 2009. More information may be be found on HUD's website.
Funding
$1.93 billion will be made available.
Special factors
TBA
Status
MARC is considering submitting an application for a regional housing partnership with projects in Kansas City, Mo.; Kansas City, Kan.; and other areas heavily impacted by mortgage foreclosures.
How to access funding
HUD is seeking applications through July 17, 2009.
MARC's role
MARC is exploring the coordinated use of housing funds available in the recovery act. This includes the potential for a joint application for Neighborhood Stabilization Program funds.
Policy recommendations
TBA
