House Votes to Rescind $1B in Neighborhood Stabilization Grants

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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.

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The U.S. House of Representatives voted Wednesday to pull the plug on HUD’s Neighborhood Stabilization Program (NSP) and rescind $1 billion in grant money that has not yet been awarded.

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