HUD NSP2 Grant Criteria Limitations
According to the Department of Housing and Urban Development (HUD), the Neighborhood Stabilization Program 2 (NSP) grant is one of many grants in the NSP system, which is designed to help communities with large numbers of foreclosed or abandoned homes.
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Grants
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NSP2 grants are awarded as part of the American Recovery and Reinvestment Act of 2009, with monetary awards given to states, local governments, non-profit groups and consortiums of non-profits. HUD say the grants are limited to groups providing community assistance and are not available to individuals hoping to purchase property.
Income
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The legislation limits the uses of funds made available to groups receiving NSP2 grants, according to HUD. Included in these limitations is the guarantee that at least 25 percent of the funds must be used to buy and rehabilitate homes for people whose incomes are at 50 percent or less of the area's median income. The remaining funds must be used to benefit people earning 120 percent or less of the median income of the area.
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Beneficiaries
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HUD says NSP2 grants must be used by groups to provide housing programs for low- and moderate-income families. NSP2 grants must be used to limit the economic effects of foreclosed homes on a neighborhood.
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