HUD Announces National First Look Program for NSP Grantees

On September 1, HUD announced the National First Look Program for Neighborhood Stabilization Program (NSP) grantees. The program is a public-private partnership between HUD and the National Community Stabilization Trust.

In collaboration with national servicers, Fannie Mae, and Freddie Mac, the program is intended to give communities participating in NSP a brief exclusive opportunity to purchase bank-owned properties in certain neighborhoods so these homes can either be rehabilitated, rented, resold, or demolished. Participating financial institutions represent approximately 75 percent of the real estate-owned (REO) properties.

Currently, the Federal Housing Administration (FHA) offers a complimentary pilot program in which NSP grantees receive an exclusive option to purchase so-called “HUD Homes” before the homes are made available to the investor community.

View HUD’s press release for more information.