January 2012

Newsletter Archive

Greetings from the team behind StableCommunities.org! It seems we are already well into the new year with important federal research and guidance issued recently.

As we approach the first big deadline with NSP2, the 50% expenditure mark, we see HUD has issued new guidance on meeting expenditure deadlines. On the research and policy front, two very interesting papers were released about vacant properties and the situation of the housing market. First, the GAO describes the number of vacant properties and looks back at trends over the last 10 years. Second, the Federal Reserve released a strong policy document that describes the current situation of the housing market and offers recommendations on a path forward.

Finally, we encourage you to check out 4 new video case studies profiling NSP success stories.

The U.S. Housing Market: Current Conditions and Policy Considerations

The Federal Reserve recently released a white paper on the current state of the housing market in the United States. The paper outlines related policy considerations to convert Real Estate Owned (REO) properties to rental properties. This strategy would reduce the current and future stock of REO properties before they further depress market values or contribute to the decline of neighborhoods.

“Vacant Properties: Growing Number Increases Communities’ Costs & Challenges”

The U.S. Government Accountability Office recently released this report. The report examines the trends in the number of vacant properties and how they relate to the recent increase in foreclosures; the types of costs that vacant properties create and who bears these costs; and state and local government strategies to address the vacant properties and the federal role in assisting these efforts.

Read the report >

Videos Highlight NSP Success Stories

The U.S. Department of Housing and Urban Development (HUD) recently released four case study videos that were produced by NeighborWorks America in partnership with Enterprise Community Partners for use as Neighborhood Stabilization Program (NSP) techincal assistance. The videos are intended for NSP grantees and partners interested in learning about how other grantees are successfully implementing NSP. The videos feature projects in Columbus, Ohio; Pima County, Arizona; Lake Worth, Florida and Orange County, California.

Watch the videos >

NSP2 50% Expenditure Deadline Procedures

The 50% expenditure deadline for NSP2 grantees is approaching quickly. HUD field offices have received guidance on the deadline procedures. HUD is beginning to send letters to grantees with a reported expenditure amount of less than 50% of the grant allocation. Drawdowns are a proxy for reported expenditures, but are not the ultimate measure of success.