HUD Announces $20 Million in Recovery Monies to New York City to Stabilize Neighborhoods

From left to right, include: Arden Sokolow, Director of Distressed Asset Financing Programs, HPD; JoAnna Aniello, HUD Deputy Regional Director; and, Vincent Hom, Director, Community Planning and Development, HUD NY Regional Office

Deputy Regional Director JoAnna Aniello and Vincent Hom, Director of Community Planning and Development in the New York Regional Office, recently held a brief ceremony to award the New York City Department of Housing and Community Development $20 million in Recovery monies under HUD's Neighborhood Stabilization Program (NSP). The NSP grants were part of $2 billion awarded nationwide to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes while creating jobs. Other grantees benefiting New York communities included Habitat for Humanity and Community Builders.

"Vacant homes have a debilitating effect on neighborhoods and often lead to reduced property values, blight, and neighborhood decay," said HUD Secretary Shaun Donovan. "This additional $2 billion in Recovery Act funding will help stabilize hard hit communities by turning vacant homes from eyesores into community assets. The Neighborhood Stabilization program is a key part of the Obama Administration's comprehensive approach to address the national housing and economic crisis."

The Neighborhood Stabilization Program was created to address the foreclosure crisis, create jobs, and grow local economies by providing communities with the resources to purchase and rehabilitate foreclosed homes and convert them to affordable housing. Last year, HUD awarded nearly $4 billion in NSP formula funds to over 300 grantees nationwide to help state and local governments respond to rising foreclosures and falling home values.

Content Archived: December 3, 2013