An article from RISMedia.com, reports that the U.S. Housing and Urban Development (HUD) announced last week Secretary Steve Preston allocated a total of $3.92 billion to all states and particularly hard-hit areas trying to respond to the effects of high foreclosures. HUD’s new Neighborhood Stabilization Program (NSP) will provide targeted emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. Preston said, “State and local governments can use their neighborhood stabilization grants to acquire land and property; to demolish or rehabilitate abandoned properties; and/or to offer downpayment and closing cost assistance to low- to moderate-income homebuyers. In addition, these grantees can create “land banks” to assemble, temporarily manage, and dispose of vacant land for the purpose of stabilizing neighborhoods and encouraging re-use or redevelopment of urban property.” Under Congress’ plan, the money will be granted to areas which have the greatest needs based on foreclosures, subprime mortgages and other key factors.
http://rismedia.com/wp/2008-09-28/4-billion-to-be-allocated-to-stabilize-neighborhoods-and-local-communities/
http://rismedia.com/wp/2008-09-28/4-billion-to-be-allocated-to-stabilize-neighborhoods-and-local-communities/
