As the result of recent federal legislation, Minnesota Housing (MHFA) is a recipient of the new Neighborhood Stabilization Program (“NSP") fund in the amount of $38.8 million. This fund was authorized under Title III of the Housing and Economic Recovery Act of 2008 (HERA) with the purpose to provide emergency assistance dollars for states and local governments to acquire and redevelop foreclosed properties. Even though the City of St Cloud is an entitlement city for CDBG, we were not allocated funds under the federal formula. The communities receiving the direct entitlements are Minneapolis, St Paul, Anoka County, Dakota County and Hennepin County. These new funds are over and above the usual CDBG annual entitlement due to the special legislation.
The St. Cloud HRA coordinated a regional application for these funds, which includes the cities of Rice, Foley, Sauk Rapids, St. Joesph, St. Cloud, Waite Park, Becker and Stearns, Benton and Sherburne Counties. We offer several programs to assist buyers of foreclosed homes. For further information call 320-252-0880 and speak with Shannon or Mike. Follow the link on the menu to the left for specific information about these programs.
