The U.S. Department of Housing and Urban Development’s new Neighborhood Stabilization Program (NSP) provides targeted emergency assistance to states and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. This program is authorized under Title III of the Housing and Economic Recovery Act of 2008.
Neighborhood Stabilization Program (NSP) Application/Substantial Amendment
On July 21, 2010, Congress passed the Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank), which includes $970 million appropriated to NSP3 for the purpose of providing continuing assistance in redevelopment of foreclosed/abandoned or vacant properties. These new funds were allocated to qualifying entities and are to be used for the purpose of assisting in the redevelopment of abandoned and foreclosed homes and vacant properties. The City of Perris was allocated $1,342,449 of NSP3 funds. These funds will be used to develop affordable housing within specific target areas outlined the following amendment and application data.