Neighborhood Stabilization Announced Today

HUD Announces Funds for Cuyahoga County Foreclosure Crisis

U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan announced today that HUD is awarding $2 billion in Recovery Act funding to states, local governments and non-profit housing developers, under HUD’s Neighborhood Stabilization Program (NSP), to spur economic development in hard-hit communities and create jobs. Nearly 60 grantees are receiving awards.

HUD has released the list of states, local governments and nonprofits that have been awarded Neighborhood Stabilization Program 2 (NSP2) grants. Unlike the original NSP program, NSP2 funds were awarded by competition to states, local governments, nonprofits, and consortia of nonprofits, which were permitted to submit proposals in partnership with for-profit entities. The states receiving the largest allocations of NSP2 funds include California, Florida, Illinois, Michigan, and Ohio. Additionally, four national applicants received NSP2 awards.

Cuyahoga County will receive $40.84 million in NSP2 funds. The City of Cleveland, the Foreclosure Task Force, County Land Bank and CMHA will work to get these funds out onto the streets quickly. At least one quarter of the funds must serve low income individuals.

Brian
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