NSP1 Reallocation Process Changes Notice Summary
August 25th, 2010
HUD released the Notice of Neighborhood Stabilization Program (NSP) Reallocation Process Changes on August 23,2010.
Notice of Neighborhood Stabilization Program Reallocation Process Changes
SUMMARY: This Notice describes the applicable corrective actions, recapture process, the reallocation formula, and the waivers of regulations granted to grantees under Title III of Division B of the Housing and Economic Recovery Act of 2008, for the purpose of assisting in the redevelopment of abandoned and foreclosed homes under the Emergency Assistance for Redevelopment of Abandoned and Foreclosed Homes heading. This notice affects grantees receiving grants under the first round of funding under the Neighborhood Stabilization Program, which is referred to throughout this notice as NSP1. As described in the Supplementary Information section of this notice, HUD is authorized by statute to specify alternative requirements and make regulatory waivers for this purpose. This notice advises the public that HUD is revising the recapture policy of the October 6, 2008, NSP1 Notice, as amended, in a manner that affects the consequences of failing to meet the 18-month deadline for using NSP1 funds.
DATES: Effective Date: August 23, 2010.
FOR FURTHER INFORMATION CONTACT: Stanley Gimont, Director, Office of Block Grant Assistance, Department of Housing and Urban Development, 451 Seventh Street, SW, Room 7286, Washington, DC 20410, telephone number 202-708-3587. Persons with hearing or speech impairments may access this number via TTY by calling the Federal Information Relay Service at 800-877-8339. FAX inquiries may be sent to Mr. Gimont at 202-401-2044. (Except for the "800" number, these telephone numbers are not toll-free.)
To view a detailed summary of the Notice, please click here
To view the full Notice, please click here
About Safeguard
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with approximately 800 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.