House Votes to Rescind $1B in Neighborhood Stabilization Grants

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The Neighborhood Stabilization Program (NSP) was established for the purpose of providing emergency assistance to stabilize communities with high rates of abandoned and foreclosed homes, and to assist households whose annual incomes are up to 120 percent of the area median income (ami).. The U.S. Congress appropriated three rounds of NSP funding.

The House passed a bill (HR 861) on Wednesday that would rescind $1 billion of funding under HUD’s Neighborhood Stabilization Program (NSP). NSP grantees can create "land banks" to assemble, temporarily manage, and dispose of vacant land for the purpose of stabilizing neighborhoods and encouraging re-use or redevelopment of urban property.

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House Votes to Rescind $1B in Neighborhood Stabilization Grants March 16, 2011 The U.S. House of Representatives voted Wednesday to pull the plug on HUD’s Neighborhood Stabilization Program (NSP).

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Slide.House Votes to Rescind $1B in Neighborhood Stabilization Grants The House passed a bill (HR 861) on Wednesday that would rescind $1 billion of funding under HUD’s Neighborhood Stabilization Program (NSP).

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