The Neighborhood Stabilization Program (NSP) is authorized by the Title III of Division B of the Housing and Economic Recovery Act, 2008 (HERA).
Funds under the act may be used to buy foreclosed and abandoned homes; to buy land and property, to demolish or rehabilitate abandoned properties, and to offer downpayment and closing cost assistance to middle income (less than 120% of Area Median Income (AMI)) homebuyers. Canton's allocation is $2,182.988.
The funds must be obligated within 18 months of receipt of the award agreement from the Department of Housing and Urban Development (HUD), and all funds must be spent within four years of agreement receipt. Any funds remaining at the end of the four years are recaptured by HUD.