Statement of Function
As part of its effort to assist local governments in their recovery from the ongoing effects of the economic and housing crisis, the federal government enacted the Wall Street Reform and Consumer Protection Act of 2010, Public Law 111-203, also referred to as the Dodd-Frank Act. Included as part of that act was an allocation of $1 billion in Community Development Block Grant (CDBG) funds under the Neighborhood Stabilization Program (NSP) for states and local jurisdictions throughout the country to purchase and redevelop abandoned, vacant, and foreclosed properties.
Neighborhood Stabilization Program 1
Neighborhood Stabilization Program 3
Department of Housing and Urban Development NSP Website