NYC Government Publication

Amended Submitted Version. This document is required by the United States Department of Housing and Urban Development (HUD). The Neighborhood Stabilization Program-Round 3(NSP-3) was created by Congress under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) regulation Sec. 1497(a) to provide grants to States and localities for the redevelopment of foreclosed and abandoned homes and residential properties. The grants are intended to prevent further declines in neighborhoods most severely impacted by foreclosures. According to the Dodd-Frank Act, NSP-3 is to be considered a subgrant of the HUD's Community Development Block Grant (CDBG) entitlement program, and therefore bound HUD's Consolidated Plan regulations. NSP-3 funds must be used to undertake any or all of the following eligible activities: - establish financing mechanisms for purchase and redevelopment of foreclosed upon homes and residential properties, including such mechanisms as soft-seconds, loan loss reserves, and shared-equity loans for low- and moderate-income homebuyers; - purchase and rehabilitate homes and residential properties that have been abandoned or foreclosed upon, in order to sell, rent, or redevelop such homes and properties; - establish land banks for homes that have been foreclosed upon; - demolish blighted structures; and - redevelop demolished or vacant properties. Under existing Consolidated Plan citizen participation regulations, substantial amendments to an approved Plan are required to undergo a 30-day comment period prior to its submission to HUD. However, in order to expedite the localities receiving the funds, Congress has waived this regulation and requires the Program to undergo only a 15-day public review period instead. The public comment period began Thursday, February 10 and ends Thursday, February 24, 2011. The City of New York submitted its NSP amendment and additional federally-required materials on March 1, 2011.

Agency

• City Planning, Department of (DCP)

Subject

• Government Policy

Report type

• Report

Date published

• 2011-02-10

Items

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	2010_Con-Plan_NSP-3_Addendum_Submission.pdf	2020-05-07	Download