HUD LAUNCHES NEW PROGRAM TO PROVIDE FUNDS FOR REDEVELOPING FORECLOSED PROPERTIES

October 21, 2008

The U.S. Dept. of Housing and Urban Development (HUD) has launched a new program that will allocate close to $4 billion in emergency assistance for state and local governments to be used to acquire and redevelop foreclosed properties. More details about the Neighborhood Stabilization Program (NSP) will be announced during a national housing summit in Washington, DC next week and during a series of regional conferences later this month, according to HUD.

"To those areas trying to recover from the effects of foreclosure and declining property values, help is on the way," said HUD Secretary Steve Preston. "Clearly, the intent is to put this money to work in communities with the highest need and to have a meaningful impact. Now the real work begins and HUD stands ready to support these states and communities as they work to stabilize their neighborhoods."

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