HUD Neighborhood Stabilization Funds (NSF) Offer Much Needed Foreclosure Help

The Housing Rescue and Foreclosure Prevention legislation signed by the President Bush on July 30 provides $3.9 billion in emergency assistance through Community Development Block Grant (CDBG) funds to communities hardest hit by the foreclosure and subprime crisis. The new funds are provided through a program known as Neighborhood Stabilization Funds (NSF).

HUD entitlement jurisdictions (principle cities in an MSA and urban counties with a population above 200,000) in metro Atlanta received $68 million of the $153 million allocation of NSF directed to Georgia. Smaller counties and cities in metro Atlanta are eligible for application for the statewide NSF program through Georgia DCA.The funds will be distributed to states and local governments no later than Oct. 28 and must be used within 18 months of their receipt. This rapid distribution timeframe is unprecedented and calls for a well-coordinated state and regional response that will successfully maximize the funds to stabilize neighborhoods in peril. According to Realty Trac, the Atlanta region has 80 percent of the state of Georgia properties that were in any stage of foreclosure as of August 2008, compared to having an estimated 42% of the state’s housing units.

Atlanta Regional Commission (ARC), Atlanta Neighborhood Development Partnership (ANDP), Georgia Department of Community Affairs (DCA) and the Terwilliger Center for Workforce Housing at the Urban Land Institute held a forum on Wednesday, Oct. 8 at the Georgia Pacific Center Auditorium to distribute information on the new Neighborhood Stabilization Funds (NSF).

More information on the NSF funds is available at Georgia DCAs website.

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