Urban Land Institute Receives $3.15 Million HUD Grant to Provide Technical Assistance for Federal Neighborhood Stabilization Program

The Urban Land Institute (ULI) has been awarded a $3.15 million grant from the U.S. Department of Housing and Urban Development (HUD) to provide technical assistance for the federal government’s Neighborhood Stabilization Program (NSP). The program assists communities with the acquisition, rehabilitation and resale of foreclosed homes, with a special emphasis on neighborhoods with large concentrations of foreclosures.

ULI is one of nine national organizations receiving a total of $44.5 million in funding from HUD to implement the NSP; an additional $5.5 million was awarded to local technical assistance providers. The ULI grant was obtained through the ULI Terwilliger Center for Workforce Housing, established in 2007 to increase the supply of workforce housing in communities across the nation. The center was founded by former ULI Chairman J. Ronald Terwilliger, Chairman and Chief Executive Officer of Trammell Crow Residential.

According to Richard M. Rosan, Chief Executive Officer of ULI Worldwide, the program’s purpose fits perfectly with the mission of ULI, which is to provide leadership in the responsible use of land and in creating and sustaining thriving communities worldwide. “We are delighted to be assisting with this critically important effort to revive areas hit hard by the housing crisis,” Rosan said. “Under this program, ULI will work under HUD’s direction to offer advice and assistance to local and state governments working to help struggling neighborhoods regain their footing.”

The NSP, initially established under the 2008 Housing and Economic Recovery Act, seeks to stabilize communities that have suffered from foreclosures and abandonment through the purchase and redevelopment of the vacant properties. The NSP technical assistance program is funded through grants awarded to states, local governments, non-profits and a consortium of nonprofit entities on a competitive basis.

The NSP technical assistance grants will:

* Help NSP grantees to implement sound underwriting, management, and fiscal controls;
* Measure outcomes in the use of public funds through accurate and timely reporting;
* Build the capacity of public-private partnerships;
* Develop strategies to serve low-income households;
* Incorporate energy efficiency into state and local NSP programs;
* Provide support, technical assistance, and training on the operation and management of land banks;
* Train grantees and their subgrantees on HUD program rules and financial management requirements; and
* Assist grantees and their subgrantees to develop materials on energy conservation or other departmental or programmatic priorities.

source : ULI