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HUD NSP Policy Alert: Guidance on Property Types under Each NSP Eligible Use

Date Published: December 2009

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Description

This HUD NSP Policy Alert provides guidance on the five eligible uses of funds in the Neighborhood Stabilization Program. It includes information on financing mechanisms, purchase and rehabilitation, land banks, demolition, and redevelopment. It also includes a table that serves as a visual aid to clearly define each eligible use by property type. Note: This guidance contains the original definitions of “foreclosed” and “abandoned” as defined in the original NSP1 and NSP2 Notices. On April 2, 2010, HUD issued a new Notice (5321-N-04) for the NSP2 Program, and on April 9, 2010 (5321-N-03) HUD issued a similar Notice for the NSP1 Program. These Notices changed the definitions of “foreclosed” and “abandoned” for the purposes of identifying eligible properties for NSP1 and NSP2. Guidance on the Impact of New Definitions for NSP-Eligible Properties is available here: http://hudnsphelp.info/index.cfm?do=viewResource&ResourceID=484. This policy alert was previously labeled as NSP Policy Alert Volume 0.

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Tags: NSP
Author Organization
  • HUD
Resource Approver
  • HUD Approved