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Funding, Tax Incentives, Grants & Awards for Preservation Projects     


Funding, Tax Incentives, Grants & Awards for Preservation Projects
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House Votes to Rescind Funding for Neighborhood Stabilitation Program
Historic Preservation Blog from PreservationDirectory.com - HUD’s Neighborhood Stabilization Program, The National Trust for Historic Preservation's Department of Public Policy, Smart Growth America, National Vacant Properties Campaign
Contributed By: The National Trust for Historic Preservation's Department of Public Policy

The House passed a bill (HR 861) on Wednesday that would rescind $1 billion of funding under HUD’s Neighborhood Stabilization Program (NSP).  NSP grantees can create “land banks” to assemble, temporarily manage, and dispose of vacant land for the purpose of stabilizing neighborhoods and encouraging re-use or redevelopment of urban property.  Land banking is a very useful tool that assists preservation efforts in at-risk historic neighborhoods.  The rescission affects the third round of NSP funding provided under the Financial Reform Bill passed last year.  NSP also received a total of $5.92 billion of funding provided by two other statutes – the Housing and Economic Reform Act of 2008 and the American Recovery and Reinvestment Act of 2009.  The Trust has  supported NSP funding since inception and have been working with coalition partners such as Smart Growth America, Local Initiatives Support Corporation (LISC) and the National Vacant Properties Campaign to support and monitor continued funding of the program.  Fortunately, even though the rescission passed the House, it is unlikely to be enacted before the NSP money is distributed by the Department of Housing Urban Development (HUD) in two weeks.   However, the Trust is continuing to monitor all attacks on this critical urban program as the House bill moves over to the Senate.

Reprinted by permission of the Public Policy Department of the National Trust


Keywords: HUD’s Neighborhood Stabilization Program, The National Trust for Historic Preservation's Department of Public Policy, Smart Growth America, National Vacant Properties Campaign

Posted: March 21, 2011
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