Market Rate GNMA Program: 4.875%
On July 26, 2008 Congress passed bill H.R. 3221 commonly referred as the Housing
and Economic Recovery Act of 2008. Under this section, $3.92 billion is set
aside to provide emergency assistance for the redevelopment of abandoned and
foreclosed homes. Congress also indicated in the bill that the U.S. Department
of Housing and Urban Development (HUD) would establish the formula allocation
and fund "States and units of general local government with the greatest need,
as such need is determined in the discretion of the Secretary". Louisiana
Housing Coporation Administers the 34,183,994 allocation.
The Neighborhood Stabilization Program will provide emergency asistance to state, nonprofits, and local governments to purchase, rehabilitate, and redevelop vacant, foreclosed or abandoned homes that might otherwise become blighted properties within their communities.
NSP will be regulated under HUD’s existing Community and Development
Planning through Community Development Block Grant (CDBG).
HUD has established the following eligible funding uses under NPS Properties: