General Material
Amount: $2 billion to help communities purchase and rehabilitate foreclosed,vacant properties in order to create more affordable housing and reduce neighborhood blight.
The Neighborhood Stabilization Program (NSP) provides grants to every state and certain local communities to purchase foreclosed or abandoned homes and to rehabilitate, resell, or redevelop these homes in order to stabilize neighborhoods and stem the decline of house values of neighboring homes.
Federal Agency: HUD provides formula grants to states and some cities
Local Contact Point: Local mayor's office or state housing finance agency
