When is HUD expected to announce the availability of the $1.98 billion available for the Neighborhood Stabilization competitive program?
HUD must release the NOFA on or before May 3, 2009. The U.S. Department of Housing and Urban Development (HUD) recently approved almost $731 million for the Neighborhood Stabilization Program (NSP) for those areas of the country hardest hit by the high rate of home foreclosures (HUD Chart). Additional funds will be made available to address home foreclosure and abandonment and for the provision of capacity building and support for NSP grantees. Rating factors will include grantee capacity to execute projects, leveraging potential, and concentration of investment to achieve neighborhood stabilization. Grantees must expend at least 50 percent of each grant within 2 years and 100 percent within 3 years of grant award. HUD may run two competitions – one addressing the provision of technical assistance (not to exceed $50 million) and one to provide programmatic funding for grantees (remainder of funding).
