Obama Administration Awards $1B Additional Funds To Assist Neighborhoods Impacted by High Foreclosure Rates

HUD.gov recently published a press release on their web site announcing that the US Department of Housing and Urban Development awarded an additional $1 billion dollars in funding to all states and several counties and communities who are struggling with the foreclosure crisis. This is the third round of funding in HUD's Neighborhood Stabilization Program. The program will provide emergency assistance to both state and local governments 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 (household incomes not exceed 120 percent of area median income)." The press release also notes that the states and/or local governments (grantees) can create "land banks" to assemble, manage, and dispose of vacant land to help stabilize neighborhoods and promote redevelopment of urban property.

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