$1 billion for NSP 3 in financial reform bill

The recently passed federal "wall street" financial reform bill has many provisions. Among them is Section 1497 which contains a third round of funding in the amount of $1 billion for the Neighborhood Stabilization Program (NSP).

The funding is to be made available to state and local governments to address vacant, abandoned and foreclosed properties in the same manner as previous NSP funding rounds.  It is expected that in Michigan, the Michigan State Housing Development Authority will administer the program. 

Additional information will be posted as it becomes available as to this third round of funding.

Arnold Weinfeld covers federal issues for the Michigan Municipal League. He can be reached at 517-908-0304 or by e-mail