(Public Law 111-203, approved July 21, 2010)
Neighborhood Stabilization Program 3
The Dodd-Frank Act authorized $1 billion for the Neighborhood Stabilization Program (commonly referred to as NSP3), as authorized in HERA and described above. NSP3 provides formula grant awards to states and units of general local government to undertake eligible activities as provided under HERA, and HUD may make available up to 2 percent of the funds for technical assistance grants.
Administering Office: Assistant Secretary for Community Planning and Development,
U.S. Department of Housing and Urban Development, Washington, DC 20410-7000.
Emergency Homeowners Loan Program
The Dodd-Frank Act reauthorized the emergency homeowners assistance program provided by the Emergency Housing Act of 1975 (12 U.S.C. 2701 et seq.) and made $1 billion available for this program. The 1975 Act conferred on HUD standby authority to insure or make loans to, or emergency mortgage payments on behalf of, homeowners to defray mortgage expenses so as to prevent widespread mortgage foreclosures and distress sales of homes due to a substantial reduction of income resulting from the temporary involuntary loss of employment or underemployment due to adverse economic conditions. The Dodd-Frank Act revised the 1975 Act to provide that temporary involuntary unemployment or under-employment may also be due to medical conditions, and that HUD may fund States with programs substantially similar to the Program. This program provides up to 24 months of mortgage payments assistance or $50,000, whichever occurs first.
Administering Office: Assistant Secretary for Housing-Federal Housing Commissioner,
U.S. Department of Housing and Urban Development, Washington, DC 20410-8000.