The U.S. Department of Housing and Urban Development (HUD) Neighborhood Stabilization Program (NSP) provides emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. For more information about the NSP program in general, please visit www.hud.gov/nsp.
The following document serves as the City of Hammond’s application to receive NSP funds. It describes the proposed programs that will be funded, the areas that have the greatest need of assistance, the areas that will receive assistance, and additional information as required by HUD. Based on an formula devised by HUD, Hammond will receive $3,860,473 of NSP funds. The funds will be allocated to the following uses:
- Acquisition-Rehabilitation for Sale to Homebuyers $2,509,307.76
- Acquisition-Rehabilitation for Rental $965,118.37
- Administration $386,047.35
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