The U.S. Department of Housing and Urban Development (HUD) has developed a new program, Neighborhood Stabilization, which will provide emergency assistance to state and local governments to acquire and redevelop already foreclosed properties that might otherwise become sources of abandonment and blight within their communities. New Hampshire, through CDFA, will be receiving $19.6 million for this program.
The program rules have recently been released from HUD and can be downloaded here. CDFA, along with others, will be developing a program that best meets the needs in the granite state. CDFA has formed a Working Group that includes representatives from housing, government, financing, and municipal representatives which is meeting weekly to develop the program. CDFA is also forming a broad-based Neighborhood Stabilization Program Coalition which will give input to the draft Action Plan. There will be a 15-day public comment period on the draft plan from October 30 through November 14, 2008, during which time anyone from the public may make comments on the draft plan. The plan will ultimately be approved by the CDBG Advisory Committee and the Governor and then submitted to HUD for approval.
