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Integrated Stimulus Guide - Housing: Neighborhood Stabilization Program Print Share

Neighborhood Stabilization Program
$2 billion was included in competitive grants to States, local governments, and non-profit entities or consortia of nonprofit entities in areas with the greatest number of foreclosed homes to provide emergency assistance for the redevelopment of abandoned and foreclosed homes.

Office : Office of Community Planning and Development

Agency: U.S. Department Of Housing and Urban Development (HUD)

Type: Competitive Grants

Purpose: To assist states, local governments, and nonprofit organizations in the purchase and rehabilitation of foreclosed properties in order to create affordable housing and reduce neighborhood blight.

Description: Funds can be used by grantees to purchase and redevelop foreclosed homes, purchase and rehabilitate abandoned or foreclosed-upon homes, establish land banks, demolish blighted structures, and redevelop demolished or vacant properties as housing.

Click here for the HUD website.

Email: nm_webmanager@hud.gov

Phone: (505) 346-6463 (HUD Albuquerque Field Office)