The U.S. Department of Housing and Urban Development’s (HUD) Office of Inspector General reviewed the front-end risk assessment (assessment) for the Neighborhood Stabilization Program 2 (NSP2). Our objective was to determine whether the assessment complied with the Office of Management and Budget’s (OMB) updated guidance for the American Recovery and Reinvestment Act of 2009 (Recovery Act), as well as HUD’s streamlined assessment process. Our review of the final assessment for the program determined that except for one noncompliance issue involving open audit recommendations, HUD’s final assessment generally complied with the OMB’s guidance and HUD’s streamlined process. HUD made general references to previous audits in its assessment, but failed to specifically address certain open recommendations as required by the guidance. HUD’s final assessment for NSP2 disclosed that for each of the 11 factors, the program risk was identified, in-place and planned risk mitigation techniques were identified, and the rationale for the final risk ratings was adequately described. Our review determined that the factors of general control environment, risk assessment, control activities, information/communication, and monitoring were adequately addressed and the major program objectives of timeliness, clear and measurable objectives, transparency, monitoring, and reporting were adequately emphasized. As a result, there are no recommendations in this memorandum.