NSP FAQ
Q

If an NSP grantee, subrecipient, or developer acquired property before NSP funding became available, are the acquisition and rehabilitation costs for the property eligible?

Date Published: October 2012

Print ShareThis

A

Properties that were acquired via tax foreclosure, where the grantee was the initial successor in interest are eligible foreclosures regardless of when the grantee foreclosed on the property, assuming ownership has not been transferred to another entity. For non-tax foreclosures, under Eligible Use E - Redevelopment, if the property is vacant, NSP funds can be used for rehabilitation regardless of when the property was acquired. A vacant property is one on which the land and/or buildings are vacant (unoccupied). The grantee or subrecipient may recover the costs of acquisition at sale or refinancing.


Tags: NSP Redevelopment

FAQ ID:

774