HUD Announces $50 Million in Recovery Act Funds to Assist Local Communities Hit Hard by Foreclosure

RISMEDIA, September 11, 2009— U.S. Department of Housing and Urban Development Secretary Shaun Donovan announced HUD is launching a $50 million effort to help state and local governments address the inventory of foreclosed properties assisted under the Department’s Neighborhood Stabilization Program (NSP). HUD is awarding $44.5 million to nine national organizations and another $5.5 million to help local communities purchase, rehabilitate and resell foreclosed properties in especially hard-hit neighborhoods.

Provided through the American Recovery and Reinvestment Act of 2009 (the Recovery Act), these grants will allow HUD to dispatch teams of experts to help improve the effectiveness of neighborhood stabilization programs, particularly in communities with few staff and technical expertise.

“I am proud to announce one more resource for neighborhoods and communities that have been hit hard by the national foreclosure crisis,” said Donovan. “Thanks to the Recovery Act, we are able to dispatch experts into these communities to help them better manage their neighborhood stabilization programs so that small problems don’t become big ones.”

For more information, visit www.hud.gov.

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