$2 billion
$5 million (minimum application requirement)
Neighborhood & Business Services
City of Charlotte
This program provides emergency 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 Neighborhood Stabilization program (NSP) provides grants 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 housing.
Note: The City has received $5.4 million and $2.625 million from HUD and the State allocation in early 2009. The stimulus funds would be in addition to these two grant awards.
The income limit for a family of four is $77,160 or 120% of the Area Median income. A home buyer can receive down payment assistance if he/she were to purchase a foreclosed home in the designated area of greatest need.
HUD will published grant criteria May 4, 2009. Applications are due by July 17, 2009 and HUD will notify selected applicants by December 1, 2009. On June 22, City Council authorized the City Manager to apply for NSP funding as part of the State's larger application to HUD.
Stan Wilson, Housing Services Manager
704-336-3337
------------------
------------------
------------------
A public hearing is not required due to time deadlines. However a minimum of 10 days will be made available to receive citizen comments. The proposed applications will be posted on the Neighborhood & Business Services website and made available at different libraries and other locations for public review. Citizens will be notified when and where the document will be available for review.
Department of Housing & Urban Development
www.hud.gov/offices/cpd/communitydevelopment/
programs/neighborhoodspg/
