Tuesday, November 18, 2008

States and Localities Publicize NSP Action Plan Proposals

Last Friday, November 15, state and local governments eligible to receive additional funding from the Neighborhood Stabilization Program were required to make their action plan proposals available for public comment. Across the nation, town hall meetings and forums are being held to open discussion on each jurisdiction's proposal.

These state and local plans are also available here through the Foreclosure Response project on HousingPolicy.org.

State and local governments have experienced difficulty in forming concrete action plans as they scramble to meet program deadlines. Moreover, each jurisdiction must create a plan that addresses their communities needs in order to make the greatest impact amidst the ongoing foreclosure crisis.

The Detroit Free Press reports that areas such as Detroit, MI are eager to use this funding to purchase foreclosed properties as well as to remove blighted and vacant houses. In Detroit, nearly 45,000 homes are abandoned and sit vacant.

Finalized versions of these proposals must be submitted in final form to the Department on Housing and Urban Development (HUD) by December 1st. The Neighborhood Stabilization Program was created under H.R. 3221, the "Housing and Economic Recovery Act of 2008."

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