Fighting Foreclosures and Strengthening Neighborhoods

We all understand the impact the foreclosure crisis has had on homeowners. But the crisis has hurt communities, too. Foreclosed and vacant homes have a debilitating effect on neighborhoods and often lead to blight, neighborhood decay and reduced property values.

That’s why the Administration is announcing today another $1 billion to help communities struggling with foreclosures.  Already, HUD has provided $6 billion in two rounds of Neighborhood Stabilization Program funding.  These funds help communities buy and redevelop foreclosed and abandoned homes and residential properties – putting Americans back to work, creating more affordable rental housing and helping the neighborhoods that need it most. 

Today, the $4 billion first round of Neighborhood Stabilization funding is in communities, buying up and renovating homes, and creating jobs.  The $2 billion included as part of President Obama’s Recovery Act is making a difference as well.  This second round of funding differed from the first in that it was competitively awarded – to encourage innovative local partnerships, reward the best ideas for tackling the housing crisis and grow local economies in impactful ways.

read more