Neighborhood Stabilization Program
On October 19, 2010, the U.S. Department of Housing and Urban Development (HUD) announced that the County of Riverside would receive $14,272,400 as part of the third round of Neighborhood Stabilization Program (NSP3) funding. This additional allocation of funds authorized under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Pub. L. 111-203, approved July 21, 2010) (Dodd-Frank Act), will be provided through HUD's Community Development Block Grant (CDBG) program. The purpose of the NSP3 funds is to address the negative ramifications of the housing foreclosure crisis that occurred over the past six years due to subprime mortgage lending which, nationally, resulted in significant numbers of homeowners entering into foreclosure and entire neighborhoods becoming vacant and abandoned. These targeted funds will be used to acquire foreclosed homes; demolish or rehabilitate abandoned properties; and/or to offer purchase price assistance and closing cost assistance to low to moderate-income homebuyers.
In order to receive NSP3 funding, the County is required to process a Substantial Amendment to the 2010-2011 One Year Action Plan of the 2009-2014 Consolidated Plan, effectively adding the NSP3 program funds to the 2010-2011 CDBG allocation. Therefore, the County has prepared this Substantial Amendment for the upcoming NSP3 allocation.
Notice of Funding Availability
Download Substantial Amendment Draft
NSP Performance Report
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