HUD has published revised closeout requirements for the Neighborhood Stabilization Program (NSP). NSP was established under the Housing and Economic Recovery Act of 2008, with two additional rounds of funding under The American Recovery and Reinvestment Act of 2009 and the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Notice applies to grantees under all three rounds of NSP: NSP1, NSP2 and NSP3. The revised requirements apply to closeout procedures for program income, land banks and long-term affordability obligations of grantees and certain recapture provisions. HUD has also indicated that the revised framework and processes will be nearly identical to CDBG closeout processes and both NSP and CDBG closeout instructions will be placed in a single document.
Click here to read the Notice.
