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Neighborhood Stabilization Program III

Program (?) Neighborhood Stabilization Program III
Abbreviation NSP III
Program Description

The Neighborhood Stabilization Program 3 was authorized under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The program provided an additional $1 billion in funding to the original NSP I program and similarly awarded formula-allocated funds based on distressed housing indicators in the 20 percent of census tracts most affected by foreclosures. For each State or local government, the formula was based on the number and percentage of home foreclosures, the number and percentage of homes financed by a subprime mortgages, and the number and percentage of homes in default or delinquency. NYS HCR received an allocation of $5 million under NSP 3, and HPD received an allocation of $9.8 million under NSP 3, which the agency plans to useto finance several existing, troubled projects in the Bronx. HUD required that grant recipients expend 50 percent awarded funds within two years of receiving funds, and spend all funds within three years.

Benefit Classification (?)  
Supply or Demand Supply
One-Time or Ongoing One-Time
Benefit Type (?) Grant
Government Agency (?) US Dept of Housing and Urban Development
Program Information (?)  
Scale Small Scale (between 1 and 999 units produced)
Timeframe 2011-Present
Developer/Owners (?) Government
Property Information (?)  
Property Occupancy Vacant
Construction Type New Construction
Occupant Tenure (?) Homeownership
Other Targeting Information (?)

Existing, troubled projects in the Bronx

More Information NYC HPD
NYS HCR
US HUD (PDF)
Available on CoreData.nyc? No

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