What is Neighborhood Stabilization Program (NSP)?
The U.S. Department of Housing and Urban Development’s (HUD) new Neighborhood Stabilization Program (NSP) provides assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. The 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.