House Votes to Rescind $1B in Neighborhood Stabilization Grants

The U.S. House of Representatives voted Wednesday to pull the plug on HUD’s neighborhood stabilization program (nsp) and rescind $1 billion in grant money that has not yet been awarded.

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The Neighborhood Stabilization Program (NSP) was established for the purpose of providing emergency assistance to stabilize communities with high rates of abandoned and foreclosed homes, and to assist households whose annual incomes are up to 120 percent of the area median income (AMI).. The U.S. Congress appropriated three rounds of NSP funding.

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