Additional NSP Funding for Georgia Communities Hard-Hit by Foreclosure

Edward Jennings, Jr., HUD Southeast Regional Administrator, announces more Neighborhood Stabilization Program funding in front of the newly renovated home of the Laupus family in Peoplestown Neighborhood of Atlanta. From left to right: City of Atlanta Mayor Kasim Reed, Congressman Hank Johnson and Mr. and Mrs. Laupus.

Edward Jennings, Jr., Southeast Regional Administrator, addressed a crowd of over 80 people at the Neighborhood Stabilization Program funding announcement on September 8, 2010, in front of the newly renovated home of the Laupus family in Peoplestown Neighborhood of Atlanta. These new grants represent a third round of funding through HUD's Neighborhood Stabilization Program (NSP) and will provide targeted emergency assistance to help local communities in Georgia acquire, redevelop, or demolish foreclosed properties.

"Targeting these funds to hard hit areas in the state will help local leaders and communities fight blight, abandonment and work towards improving home values and create jobs," said Jennings. State and local governments can use their neighborhood stabilization grants to acquire land and property; to demolish or rehabilitate abandoned properties; and/or to offer downpayment and closing cost assistance to low- to moderate-income homebuyers (household incomes not exceed 120 percent of area median income). In addition, these grantees can create "land banks" to assemble, temporarily manage, and dispose of vacant land for the purpose of stabilizing neighborhoods and encouraging re-use or redevelopment of urban property.

Read the press release.

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