Department of Housing and Urban Development August 27, 2010 – Federal Register Recent Federal Regulation Documents

This Notice describes the applicable corrective actions, recapture process, the reallocation formula, and the waivers of regulations granted to grantees under Title III of Division B of the Housing and Economic Recovery Act of 2008, for the purpose of assisting in the redevelopment of abandoned and foreclosed homes under the Emergency Assistance for Redevelopment of Abandoned and Foreclosed Homes heading. This notice affects grantees receiving grants under the first round of funding under the Neighborhood Stabilization Program, which is referred to throughout this notice as NSP1. As described in the Supplementary Information section of this notice, HUD is authorized by statute to specify alternative requirements and make regulatory waivers for this purpose. This notice advises the public that HUD is revising the recapture policy of the October 6, 2008, NSP1 Notice, as amended, in a manner that affects the consequences of failing to meet the 18-month deadline for using NSP1 funds.

HUD seeks public comment on HUD's determination of the point in time at which an assisted project covered by the Multifamily and Assisted Housing Reform and Affordability Act is eligible for restructuring. Additionally, HUD proposes to amend its regulation, which provides a cross-reference to the statutory list of the types of projects that are eligible for mortgage restructuring, to incorporate that list into the regulation. HUD is initiating this rulemaking in accordance with a court decision.