Lisc Researchers Develop Formula For Intrastate Allocation Of Funds In Neighborhood Stabilization Program

摘要

Local Initiatives Support Corporation (LISC) researchers have developed a methodology which states can use to identify areas for funding under the neighborhood stabilization program (NSP) for redeveloping vacant and abandoned properties. Congress appropriated $3.92 billion for the program, and HUD has allocated the money to states and large local governments. (For background, see Current Developments, Vol. 36, No. CD-20, p. 612.). The legislation requires states and localities to use the funding in areas with the greatest percentage of home foreclosures, highest percentage of homes financed by subprime mortgages, and identified by the grantee as likely to face a significant rise in the foreclosure rate. Grantees can also add related factors they consider important.