Neighborhood Stabilization Program (NSP)
Please join TDHCA on Thursday, June 11, 2009 for a Roundtable Discussion concerning the second round of Neighborhood Stabilization Program funding (NSP 2). The purpose of the discussion is to inform the general public about NSP 2 (which derives from the American Recovery and Reinvestment Act of 2009) and solicit public comment on a possible application from the State of Texas for NSP 2 funding from the US Department of Housing and Urban Development (HUD).
Time: 02:30 PM to 04:30 PM
Rusk State Office Building, Room: 227,
200 E. 10th St. Austin, Texas
No pre-registration is necessary.
U.S. Department of Housing and Urban Development (HUD)
Modeled After This Existing Program:
Neighborhood Stabilization Program (Non-Competitive)
Total National Funding Provided in the Recovery Act:
Estimated TDHCA Annual Amount Before the Recovery Act:
Supplemental TDHCA Amount (in addition to “before” amount above):
Amount to be allocated through competitive application process.
Program Background and Specifics:
- The Neighborhood Stabilization Program was established under the Housing and Economic Recovery Act of 2008 (HERA).
- Through the NSP program, states, units of local government and nonprofits may purchase foreclosed or abandoned properties to demolish or create affordable housing to stabilize existing neighborhoods.
- Direct housing activities, such as down-payment assistance, home rehabilitation and low-interest loans, are targeted to households earning up to 120% of the Area Median Income (AMI) as defined by HUD. Over half (51%) of beneficiaries from indirect activities, such as demolition, must also meet this income requirement.
- Changes to NSP under the Recovery Act include:
- additional, competitive funding for the program;
- a provision for capacity building and local support (i.e. up to 10% of funds can be used for capacity building and local support);
- a restriction on land banking and demolition (i.e. no more than 10% of the funds can be used for land banking and demolition); and
- increased protection for tenants who may reside in repurposed properties.
- HUD will publish the program notice by May 3, 2009.
- Applications are due to HUD by July 17, 2009.
- HUD must obligate funds by February 17, 2010.
- Successful applicants must expend 50% of funds with 2 years of receipt and 100% of funds within 3 years of receipt.
- TDHCA's NSP Web page
- HUD’s NSP (Non-Competitive) Web page
- HUD Notice of Fund Availability (NOFA)(PDF - HUD Web site) for the Neighborhood Stabilization Program 2 under the American Recovery and Reinvestment Act, 2009
- HUD NOFA (PDF - HUD Web site) for Fiscal Year 2009 Neighborhood Stabilization Program Technical Assistance under the American Recovery and Reinvestment Act of 2009