The Neighborhood Stabilization Program (NSP) was established by the U.S. Department of Housing and Urban Development (HUD) for the purpose of stabilizing communities that have suffered from foreclosures and abandonment.
The NSP funds authorized under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) of 2010, provides a third round of neighborhood stabilization grants to all states and select governments on a formula basis.
Hennepin County was awarded $1,469,133 of federal HUD Community Development Grant (CDBG) Neighborhood Stabilization Program 3 (NSP3) funds.
The Hennepin County Board of Commissioners approved an amendment to the 2010 Hennepin County Consortium Consolidated Action Plan on February 8, 2011, to accept the funds.
The County has contracted with the cities of Brooklyn Center and Brooklyn Park.
The NSP funds authorized under the American Recovery and Reinvestment Act (the Recovery Act) of 2009, provides grants to states, local governments, nonprofits and a consortium of nonprofit entities on a competitive basis. Hennepin County was awarded funds through a Consortium application with the City of Minneapolis and the City of Brooklyn Park. The City of Minneapolis is the lead of the Consortium. All reporting will be done by Minneapolis.
Hennepin County will allocate its portion of $1,567,000 to two activities:
The NSP funds authorized under Division B, Title II of the Housing and Economic Recovery Act (HERA) of 2008, provides grants to all states and selected local governments on a formula basis.
NSP1 cities and/or their development partners have homes available for purchase. The homes have buyer assistance attached to them under a separate budget.
Additional information on the NSP funded properties is available:
The U.S. Department of Housing and Urban Development's (HUD) new Neighborhood Stabilization Program (NSP) provides emergency assistance to states and local governments for the redevelopment of abandoned and foreclosed homes. The focus of this program is the purchase, management and resale of foreclosed and abandoned properties for the purpose of stabilizing neighborhoods. The program was authorized under Title III of Division B of the Housing and Economic Recovery Act of 2008.
Hennepin County, as the lead agency of the Urban Hennepin County Community Development Block Grant (CDBG) Program, has received an allocation of $3,885,729 from HUD under NSP. In addition, Hennepin County submitted a competitive NSP application to Minnesota Housing Finance Agency (MN Housing) and was awarded $4,715,298.
Both awards required the County to complete the NSP Plan and an amendment to the Hennepin County Consortium 2008 Action Plan, prepared in accordance with the consolidated plan procedures for a substantial amendment. The County also entered in an NSP Grant Agreement with MN Housing.
A Tier I environmental assessment for the NSP was prepared and it was determined that these funds would not create a significant impact on the environment. This allowed Hennepin County to post and publish a Notice of Finding of No Significant Impact on the Environment.
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