NSP FAQ
Q

If a developer owns a vacant property that was acquired with non-federal funds prior to applying for NSP funds, can NSP funds be used to repay the acquisition loan and/or for the construction of this project?

Date Published: October 2012

Print ShareThis

A

Retroactive reimbursement for property acquisition is not an eligible use and NSP funds cannot be used to pay for the cost of the acquisition of the property. NSP funds can, however, be used for the cost of new construction under Eligible Use E - Redevelopment if it is located in a target area. The grantee or subrecipient may recover the costs of acquisition at sale or refinancing.


Tags: NSP Redevelopment

FAQ ID:

776