The City of Pittsburgh is required to prepare a substantial amendment to the FY 2008 Consolidated Annual Action Plan to add the anticipated funds from the U.S. Department of Housing and Urban Development under the Neighborhood Stabilization Program (NSP).
This amended plan outlines the use of Neighborhood Stabilization Program funds that the City will receive under Title III of Division B of the Housing and Economic Recovery Act of 2008 (HERA), signed by the President on July 30, 2008. Congress appropriated $3.92 billion to the U.S. Department of Housing and Urban Development.
These funds are to be used for emergency assistance for redevelopment of abandoned and foreclosed homes and residential properties under the program entitled Neighborhood Stabilization Program (NSP). The U.S. Department of Housing and Urban Development allocated $2,002,958 in Neighborhood Stabilization Program funds to the City of Pittsburgh.
The eligible uses of the Neighborhood Stabilization Program funds are:
Establish financing mechanisms for purchase and redevelopment of foreclosed homes and residential properties
Purchase and rehabilitate homes and residential properties abandoned or foreclosed
Establish land banks for foreclosed homes
Demolish blighted structures
Redevelop demolished or vacant properties
Due to the nature of these funds to help stimulate the economy, the time for submittal of the application is December 1, 2008 and the funds need to be expended within 18 months after the application has been approved and a contract is awarded.
The City of Pittsburgh Areas of Low-, Moderate-, and Middle-Income Benefit with Abandonment/Foreclosure Risk Scores by census track and block group were obtained from the U.S. Department of Housing and Urban Development's website, www.hud.gov.