Neighborhood Stabilization Program

• The Neighborhood Stabilization Program, or NSP, has been authorized under the Housing and Recovery Act of 2008, the Recovery and Reinvestment Act of 2009 and Dodd--Frank Wall Street Reform and Consumer Protection Act of 2010. The program provides money to local governments and nonprofit agencies to purchase foreclosed and abandoned homes. The agency can resell the house to a homebuyer who is low-to-moderate income. The agency can use NSP funds to purchase and rehabilitate foreclosed homes or demolish an area of abandoned homes and construct new ones.
  
  

CDBG

• The Community Development Block Grant, or CDBG, program helps local governments develop affordable housing for the community. CDBG money can be used to acquire and remodel a piece of property to be used as affordable rental housing. Low-to-moderate-income households must benefit from the agency's use of CDBG funds. Community participation is required for the agency to be approved for a CDBG grant. Citizens are encouraged to provide input and feedback on affordable housing projects in their community.
  
  

HOME Investment Partnerships Program

• Nonprofit agencies can apply to receive grant funds from HUD to finance an affordable housing development or provide homeownership opportunities to low-income households. States automatically receive HOME funds on an annual basis. The funding can help a first-time home buyer purchase a home. The agency can also provide help to homeowners who need to make repairs to their house. For rental housing, the agency must agree to keep the rent at an affordable rate for a specified amount of time.
  
  

HUD Supportive Housing Program

• Funding for supportive housing programs is provided to community-based organizations committed to providing affordable housing to the homeless. Supportive services are provided to ensure the tenant can maintain her housing and independent lifestyle. Grant funds can be used to acquire or rehabilitate property as well as provide case management services. The organization is required to provide a matching contribution to the grant funds. The organization will also be required to provide a report to HUD on the use of funds and progress of program participants on an annual basis.