HUD Awards $2 Billion to Revitalize Neighborhoods, Create Affordable Housing

Washington, Jan. 25 – The Department of Housing and Urban Development has awarded $2 billion in Recovery Act funding through the Neighborhood Stabilization Program in order to help revive impoverished neighborhoods.

The grant funding will allow state and local governments, as well as nonprofit developers, to purchase land and properties, demolish or rehabilitate abandoned properties and turn them into affordable housing options. The grants will also provide down-payment or closing cost assistance to low- and middle-income homebuyers, and allow grantees to establish “land banks” to temporarily manage and dispose of foreclosed homes.