Under NSP1, Housing and Urban Development (HUD) allocated $3.92 billion on a formula basis to 309 grantees including 55 states and territories and 254 selected local governments. The program was designed to stabilize communities across America hardest hit by foreclosures. Grant agreements for these funds have already been signed. Under the allocation formula, the City of Rialto received $5,461,574 in NSP funds.
Under NSP3, HUD allocated an additional $1 billion for a third round of the Neighborhood Stabilization Program (NSP3). The program was designed to continue the stabilization of communities and local governments to acquire and redevelop foreclosed, vacant, and abandoned properties that have become blights on the community and are driving down neighboring property values. Under the Dodd-Frank Act, the City of Rialto will be receiving a direct allocation from HUD in the amount of $1,936,370.