Neighborhood Stabilization Program

Wednesday, June 24, 2009 - By Gate Arty

The Obama administration has made up to $6 billion available for redevelopment of foreclosed homes & distressed properties. The Neighborhood Stabilization Program is intended to help communities that have suffered from foreclosures & abandonment, & the hope is that it will facilitate purchases & neighborhood revitalization. Nearly $4 billion of the proposed NSP funding will come from the Economic Recovery Act of 2008. Funds will be used for activities including: redevelopment of foreclosed residential properties, purchase of abandoned properties, demolition of properties, & financing programs.  Current guidelines state that funds will go to households earning less than 120% of the median income of the area, with 25% of the funds going towards households earning less than half the median.

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