What is the Neighborhood Stabilization Program?
The 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. NSP is administered by the U.S. Department of Housing and Urban Development (HUD). NSP1, a term that references the NSP funds authorized under the Housing and Economic Recovery Act (HERA) of 2008, provides grants to all states and selected local governments on a formula basis.
NSP2, authorized under the Recovery 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 NSP-TA, a $50 million allocation made available to national and local technical assistance providers to support NSP grantees.
NSP3, authorized under the Dodd-Frank Act of 2010, provides a third round of grants to all states and select governments on a formula basis. For more information, please visit HUD’s NSP website.