Neighborhood Stabilization Program
E65830
The Neighborhood Stabilization Program is a federal initiative created to help communities recover from the foreclosure crisis by funding the purchase, rehabilitation, and redevelopment of abandoned and foreclosed homes.
Aliases (2)
Statements (38)
| Predicate | Object |
|---|---|
| instanceOf |
United States government program
→
federal housing assistance program → |
| administeredBy |
U.S. Department of Housing and Urban Development
→
|
| beneficiary |
local governments
→
nonprofit housing organizations → state governments → |
| country |
United States
→
|
| designedInResponseTo |
United States housing market collapse of the late 2000s
→
foreclosure crisis in the United States → |
| funds |
demolition of blighted structures
→
land banking of foreclosed properties → purchase of abandoned homes → purchase of foreclosed homes → redevelopment of abandoned and foreclosed properties → rehabilitation of residential properties → |
| goal |
to increase availability of affordable rental housing
→
to prevent neighborhood blight → to reduce residential vacancy → to support affordable homeownership → |
| intendedEffect |
to stabilize property values in distressed neighborhoods
→
to support community recovery after widespread foreclosures → |
| mechanism |
competitive grants for neighborhood stabilization activities
→
formula grants to states and localities → |
| outcomeType |
demolished blighted structures
→
redeveloped residential properties → rehabilitated housing units → |
| policyArea |
foreclosure prevention and recovery
→
neighborhood revitalization → |
| purpose |
to help communities recover from the foreclosure crisis
→
to mitigate the negative effects of abandoned and foreclosed homes → to stabilize neighborhoods with high rates of foreclosure → |
| requires |
compliance with federal affordability requirements
→
use of funds in targeted areas of greatest need → |
| sector |
community development
→
housing → |
| shortName |
NSP
→
|
| targetArea |
areas with high concentrations of foreclosures
→
low- and moderate-income neighborhoods → |
Referenced by (3)
| Subject (surface form when different) | Predicate |
|---|---|
|
Housing and Economic Recovery Act of 2008
("Neighborhood Stabilization Program grants")
→
|
authorizesFunding |
|
Housing and Economic Recovery Act of 2008
→
|
containsTitle |
|
Office of Community Planning and Development
("Neighborhood Stabilization Program (legacy/oversight)")
→
|
programAdministered |