House Votes to Rescind $1B in Neighborhood Stabilization Grants

March 16, 2011 – Passage of the bill that would rescind the third round of funding for and terminate the Department of Housing and Urban Development’s neighborhood stabilization program, which provides redevelopment assistance to cities with large numbers of vacant properties as a result of high foreclosure rates.

Mortgages Resources Blog: 10/06/05 mortgage net news house votes to Rescind $1B in Neighborhood Stabilization Grants community services: neighborhood stabilization program – The neighborhood stabilization program (nsp) will provide funds to purchase foreclosed or abandoned homes and to rehabilitate, resell, or redevelop these homes in order.

The House plans to vote Saturday on a budget plan that includes $4.4 billion in cuts, while the Senate will introduce its own proposal next week. “We need to remind them that we need changes right now.

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The Neighborhood Stabilization Program (NSP) provides grants to every state, certain local communities, and other organizations 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.