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HUD Issues NSP2 Waiver Concerning Program Income

HUD has issued a waiver for 42 NSP2 grantees to allow them to draw Line of Credit funds before expending Program Income. This waiver applies only to the 42 NSP2 grants below because they had funds remaining in their Lines of Credit. These grantees face serious challenges in expending their remaining Line of Credit Funds before the deadline of September 30, 2015 when all remaining NSP2 Line of Credit funds will be recaptured. Loss of the grant funds would reduce the ability of these grantees to invest in declining neighborhoods. Over 1,000 homes could go untreated if the funds stay locked in the Line of Credit.

View a copy of the waiver as well as directions for how to access the Line of Credit funds via DRGR.

Please Note:

  • Only the 42 NSP2 grants listed below have received the waiver, since NSP2 is the only grant that faces a sweep of funds from Lines of Credit on September 30, 2015.
     
  • The waiver applies only to the 42 grantees’ NSP2 grants. The first in first out rule continues to apply to all NSP1 and NSP3 grants.
     
  • NSP1 and NSP3 grantees do not face a recapture of their Lines of Credit.
     
  • NSP1 and NSP3 have no deadline for expending funds left in their Lines of Credit, and will not be granted a waiver of the first in first out rule.
     
  • NSP2 grantees who want to take advantage of this waiver should carefully review the DRGR instructions and ask their field office or DRGR AAQ any questions they may have before they begin the process.

The following are the 42 affected grantees:

  • Alameda County, CA
  • City of Boston, MA
  • Camden Redevelopment Agency, NJ
  • Center for Community Self Help
  • City of Chicago, IL
  • Chicanos Por La Causa, Inc.
  • City of Little Rock
  • City of Sarasota, FL
  • Columbus, OH
  • Cuyahoga County Land Reutilization Corporation
  • City of Dayton, OH
  • El Paso TX Collaborative
  • Hamilton County, OH
  • Healthy Neighborhoods, Inc.
  • Housing Authority of Camden City, NJ
  • Housing Trust of Santa Clara County, CA
  • City of Indio, CA
  • Lake Worth FL Community Redevelopment Agency
  • City of Long Beach, CA
  • Los Angeles Neighborhood Housing Services Inc.
  • City of Los Angeles, CA
  • City of Milwaukee, WI
  • City of Minneapolis, MN
  • City of Modesto, CA
  • National Housing Trust Community Development Fund
  • Neighborhood Housing Services of Orange County, CA
  • Neighborhood Lending Partners of West Florida, Inc.
  • New Orleans Redevelopment Authority
  • New York City, NY
  • City of North Little Rock, AR
  • Palm Beach County, FL
  • City of Philadelphia, PA
  • City of Phoenix, AZ
  • City of Reading, PA
  • Rock Island IL Economic Growth Corporation
  • City of Santa Ana, CA
  • City of Springfield, OH
  • City of St Paul, MN
  • State of Delaware
  • State of Michigan
  • State of Oregon
  • City of Toledo, OH

 
            
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