On September 8, 2010, the U.S. Department of Housing and Urban Development (HUD) announced the allocation of $1 billion in Neighborhood Stabilization Program 3 (NSP3) grants to States and to Community Development Block Grant (CDBG) entitlement communities particularly hard hit by home foreclosures. These funds are to be used for state and local governments to acquire, redevelop, or demolish foreclosed properties. The funds were made available through the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The funds were awarded on a formula basis. The formula considered the amount of foreclosures and vacancies in areas with the highest shares of subprime lending, | Summary of NSP Round Three Changes
Enterprise Community Partners has prepared a summary document that outlines the program requirements unique to NSP3. |
