This item is from this week's NAHB bulletin.
HUD is distributing nearly $4 billion to states and local communities to help them remove foreclosed and abandoned properties from the market in a process aimed at stabilizing neighborhoods that have been hit hard by the housing crisis. As part of the new Neighborhood Stabilization Program (NSP) that was included in the Housing and Economic Recovery Act passed by Congress this summer.
Following rules established by HUD, such homes can be purchased and rehabilitated, or if they are too deteriorated, they can be demolished and redeveloped. The funds may also be used to provide financing for eligible households to purchase these properties. States and localities may choose to administer the NSP program directly or by contracting with a third party. While the law does not permit any entity to make a profit on the sale of these homes, builders may earn developer fees as part of the rehabilitation or redevelopment costs.
NAHB members should contact their local or state government to find out how the program will be implemented and what opportunities may be available for builders. For an NAHB summary of the program rules,click here. For information about the program from HUD, click here..
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