| State and local governments across the nation are | | | | applied for funds in the total of $54 million. Boston |
| gearing up to spend federal stimulus funds. The U.S. | | | | Community Capital, alone, applied for $50 million in NSP |
| Department of Housing and Urban Development (HUD) | | | | funds in order to broaden the organization's ability to |
| birthed the Neighborhood Stabilization Program (NSP) | | | | assist the state's residents who are facing foreclosure |
| that provides federal stimulus dollars to assist | | | | on their homes. The group has already committed $4 |
| neighborhoods hardest hit by the home foreclosure | | | | million in assistance to purchase abandoned property, |
| crisis. The NSP falls under the umbrella of the | | | | loan funds to small developers renovating vacant |
| American Recovery and Reinvestment Act (ARRA). | | | | properties and assist struggling homeowners in keeping |
| HUD's intent for the NSP is to provide assistance to | | | | or buying back their homes. |
| more than 500 communities, cities and counties across | | | | Connecticut has thrown their hat into the ring for $45 |
| America in the form of rent relief, for homeless | | | | million in NSP dollars, which will target the state's four |
| prevention and to assist low-income families to buy | | | | most hard hit cities. The Connecticut Consortium falls |
| homes. Organizations that are eligible for NSP funding | | | | under the state's Department of Economic and |
| are cities, non-profit agencies and housing authorities. | | | | Community Development (DECD), and will be |
| St. Lucie and Martin Counties in Florida hope to receive | | | | responsible for allocating the funds to local |
| some $7.5 million in stimulus dollars. The counties | | | | communities. Low- to middle-income families will be the |
| recently applied for the funds through the state's | | | | primary beneficiaries of the program. |
| Department of Community Affairs. Both counties | | | | Chicago received $5.4 million in stimulus funds earlier |
| intend on buying foreclosed homes, renovating them | | | | this year. The city's goal is to reinvest profits made |
| and selling them to low-income homebuyers. The other | | | | from selling renovated properties back into other |
| initiative for the funding will be to weatherize | | | | foreclosure properties. |
| neighborhood homes. | | | | Ohio was allocated $45 million NSP dollars to jump |
| Fresno County, along with the City of Fresno, has | | | | start the housing market in blighted neighborhoods. The |
| received a total of $18 million in NSP funding to | | | | intent is to allocate the stimulus money quickly, so that |
| address the abundance of local area foreclosed | | | | communities will be enabled to attack the growing |
| homes. Officials have already interviewed several | | | | numbers of abandoned and boarded up homes. |
| developers that will be hired to buy, renovate and sell | | | | Kentucky was awarded $44 million, Evanston, Illinois |
| or rent the homes to low-income families. | | | | applied for $39.4 million and Virginia received $45 million. |
| Blighted areas will benefit the most from the funds. A | | | | Brad Pitt even entered the fray with his Make It Right |
| byproduct of the dollars will be construction jobs | | | | Foundation. If funding is approved, it will benefit New |
| associated with renovating the properties. | | | | Orleans and a project the group will launch in Newark, |
| Massachusetts may see some activity soon in many | | | | NJ. His organization, as part of a consortium of |
| of their local cities and neighborhoods, since the state | | | | non-profits, is asking for $65 million. |