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HUD adds another $1B to Stabilize Hard-Hit Neighborhoods bringing the total to $7B

Guest post by: Carl Moore

Article Overview: State and local governments can use their neighborhood stabilization grants to acquire land and property; to demolish or rehabilitate abandoned homes; and to offer down payment and closing cost assistance to low- to moderate-income homebuyers. In addition, the grantees can create “land banks” to assemble, temporarily manage, and dispose of vacant properties.

HUD adds another $1B to Stabilize Hard-Hit Neighborhoods bringing the total to $7B

The $1 billion in NSP funding announced Wednesday was made available through the Dodd-Frank Wall Street Reform and Consumer Protection Act. State and local governments can use their neighborhood stabilization grants to acquire land and property; to demolish or rehabilitate abandoned homes; and to offer down payment and closing cost assistance to low- to moderate-income homebuyers. In addition, the grantees can create "land banks" to assemble, temporarily manage, and dispose of vacant properties.

HUD says the program will maximize the impact of NSP dollars in the hardest-hit neighborhoods and cut in half the traditional 75-to-85 day process it takes to resell foreclosed properties.

In addition to a third round of NSP funding, the Dodd-Frank Reform Act creates a $1 billion Emergency Homeowners Loan Program to be administered by HUD. This program will provide up to 24 months in mortgage assistance to homeowners who are at risk of foreclosure and have experienced a substantial reduction in income due to involuntary unemployment, underemployment, or a medical condition.

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Article Tags: closing cost assistance, Construction financing, grantees, grants, homebuyers, hud, land banks, Lender, neighborhood stabilization, SBA, state and local governments, vacant properties



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