HUD allocates stabilization funds

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NJ receives $63,995,490

State, Bergen, Jersey City, Newark, Paterson, Union County receive funding

As part of the Housing and Economic Recovery Act of 2008, Congress appropriated $3.92 billion for cities and states to stabilize abandoned and foreclosed properties. On September 29, the U.S. Department of Housing and Urban Development (HUD) will issue a Notice of Funding Availability (NOFA) for the Neighborhood Stabilization Program (NSP).

Click here for a summary of the HUD draft notice for the implementation of the funds, prepared by Capital Access, Inc., a management consulting firm for housing and redevelopment agencies.

Click here for HUD’s recently posted Neighborhood Stabilization Program formula allocations, which includes an electronic map that allows you to see how the funds will be distributed in New Jersey and other states.

The Office of Management and Budget (OMB) will publish the final rules and formula allocations to the NSP in the Federal Register next Monday, September 29. Grantees will be required to submit action plans for use of allocations no later than December 1, 2008. HUD is recommending NSP plans carry out their program in the context of a comprehensive plan for stable and sustainable neighborhoods.

To further assist organizations in taking advantage of this program, on Thursday, October 2, at 2 p.m., The National Vacant Properties Campaign and KnowledgePlex are sponsoring a webinar on developing effective strategies in a timely fashion to utilize these NSP funds. Housing and Community Development Network Board Member Alan Mallach will take part in the online chat. The webinar will be very helpful if you are serious about combating the effects of foreclosure on families and communities. You will need to download the appropriate software to participate in this expert chat at least 30 minutes before the webinar begins. For more information about the webinar and instructions on how to download the live meeting software click here.

On Friday, October 17, 2008, from 12:30-4:30 p.m. at the Trenton War Memorial, the Housing and Community Development Network will present a briefing and strategy session for its members and their partners who are working on ways to lessen the impacts of foreclosures in their communities. We will provide an update on the status of the Neighborhood Stabilization Funds at that strategy session. Please direct questions and/or RSVPs to Felicia Fletcher 609-393-3752, x10 by October 10.

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