The Department of Housing and Urban Development has come up with a new Neighborhood Stabilization Program that is designed to help neighborhoods hit hardest by the mortgage crisis the United States is currently facing. The Neighborhood Stabilization Program or NSP is prepared to give grants to every state and some of the most qualified local communities to help them purchase foreclosed or abandoned homes. The money is designed to be used in rehabilitating or repairing them homes and then reselling them.
The ultimate goal of the NSP is to do exactly what the name says, stabilize neighborhoods and prevent further decline in property values of surrounding homes.
If you’d like to learn more about the Neighborhood Stabilization Program, check out Title III of the Housing and Economic Recovery Act of 2008.
Since this is a new Act you can expect that there will be lots of bumps along the road and since the government is involved there are sure to be certain hoops that have to be navigated, but if this program actually works in the same vein in which it was designed, it should be a great help for those areas that need the most help in these difficult times.