The federal Neighborhood Stabilization Program (NSP) was established for the purpose of stabilizing communities that have suffered from foreclosures and abandonment. Through the purchase and redevelopment of foreclosed and abandoned homes and residential properties, the goal of the program is being realized.
NSP1, a term that references the NSP funds authorized under Division B, Title Ill of the Housing and Economic Recovery Act (HERA) of 2008, provides grants to all states and selected local governments on a formula basis.
NSP2, a term that references the NSP funds authorized under the American Recovery and Reinvestment Act of 2009, provides grants to states, local governments, nonprofits and a consortium of nonprofit entities on a competitive basis. The Recovery Act also authorized HUD to establish NSPTA, a $50 million allocation made available to national and local technical assistance providers to support NSP grantees.
NSP3, a term that references the NSP funds authorized under the Dodd Frank Wall Street Reform and Consumer Protection Act of 2010, provides a third round of neighborhood stabilization grants to all states and select governments on a formula basis.