HUD announces the release of a Federal Register Notice concerning the Neighborhood Stabilization Program’s (NSP) requirements for Target Areas and Program Income Transfers. Its primary purpose is to hasten the expenditure of remaining grant funds to facilitate closeout of all open NSP grants, given that most originally planned program activities are at or near completion.

The Notice has three elements:

• It enables grantees to re-designate, adjust, or expand their target areas
• It permits grantees to transfer streams of program income, including future streams of program income, from NSP to the CDBG program with a single HUD-approved request
• It also reminds grantees that failure to draw funds from the line of credit for two consecutive fiscal years may result in HUD determining that need for the funds no longer exists, cancelling the line of credit, and proceeding to grant closeout

In identifying new target areas, HUD supports the ability of NSP grantees to use these funds in Opportunity Zones.  Created by the 2017 Tax Cut and Jobs Act, the Opportunity Zone tax incentives are designed to stimulate private investment in designated, low-income census tracts and allows individuals and companies to invest equity in real estate projects or in businesses in these communities. 

HUD is preparing additional instructions about this Notice and will release them in the near future.

NSP Target Area and Program Income Transfer Updates Webinar

This webinar covers HUD's release of a Federal Register Notice concerning the NSP requirements for Target Areas and Program Income Transfers.

Training Objectives

Participants will:

• Learn about changes to target area requirements.
• Understand the streamlined program income transfer process.
• Hear about how changes in the notice will help to expedite closeout for many grantees.

Who Should Attend?

This webinar is intended for all NSP1, NSP2, and NSP3 grantees, staff, and partners.

Schedule of Delivery

Participation Instructions

Registration is not required for this webinar.

To Join via Webex

1. At least 10 minutes before the start time, log into the webinar
2. Enter your first name, last name, and e-mail address
3. Enter the meeting password: NSP123
4. Click Join Now
5. Webex Event Manager software will load; this can take several minutes
6. Once the meeting window has opened you may listen to the audio:
   • Select "Call Using Computer" from the drop down menu and then click Connect Audio, OR
   • Dial into the phone line: 415-655-0002. When prompted, enter the Meeting Access Code: 923 096 016#

To Join via Teleconference (Audio-only)

1. Call the phone line: 415-655-0002
2. When prompted, enter in the Meeting Access Code: 923 096 016#

Training Point of Contact

Garrett Lear | glear@tdainc.org

To view additional NSP resources including tools and sample documents for program implementation as well as closeout criteria, process, and post-closeout requirements, visit the NSP page on the HUD Exchange.