In July 2008, Congress passed the Housing & Economic Recovery Act of 2008, which included $3.92 billion for the Neighborhood Stabilization Program (NSP). On January 13, 2009, HUD approved the City of Chicago's NSP application for its allocation of $55.2 million.
The goal of the program is to stabilize neighborhoods by getting vacant foreclosed homes up-to-code and occupied as quickly as possible in targeted areas. Up to 2,500 units are expected to be assisted in the next three to five years. (Source: City of Chicago, Department of Community Development)
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