Posts Tagged ‘middle-income families’

FHA Loan Rates News, HUD Approves $731 Million In Neighborhood Stabilization Funding

Saturday, March 21st, 2009

HUD APPROVES $731 MILLION IN NEIGHBORHOOD STABILIZATION FUNDING FOR 48 STATES AND LOCAL COMMUNITIES
Funding aimed at neighborhoods hard-hit by foreclosure

WASHINGTON – U.S. Housing and Urban Development Secretary Shaun Donovan today approved nearly $731 million in funding for 48 States and local communities seeking to recover from the effects of high foreclosures and declining home values. Funded under HUD’s Neighborhood Stabilization Program (NSP),these plans will target emergency help to particular neighborhoods by acquiring and redeveloping foreclosed properties that might otherwise become sources of abandonment and blight (see attached chart).

The neighborhood stabilization plans approved today include a $145 million plot submitted by the State of California, a program President Barack Obama recognized during a town hall meeting today in Los Angeles.

“These funds will be used to buy up and rehabilitate vacant foreclosed homes and resell those homes with affordable mortgages,” said President Obama. “They’ll allow California to provide mortgage help and rehabilitation loans for both low-income and middle-income families. This is how we’ll help people here in California live their dream of homeownership and how we’ll start transforming abandoned streets lines with vacant houses into thriving neighborhoods.”

“Our goal is to help communities throughout California turn these houses into homes again,” said Donovan. “California is clearly struggling with a brutal foreclosure crisis and we must make every effort to help to help communities prevent these foreclosed properties from becoming a source of neighborhood blight.” (more…)

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