$50 million allocated to Georgia Neighborhood Stabilization

Posted on 13 September 2010 by Aaron Hofmann

The U.S. Housing and Urban Development (HUD) has set aside $50.4 million in Neighborhood Stabilization Program grants  for Georgia  as part of  $1 billion plan to help states struggling to reverse the effects of the foreclosure crisis.

State and local governments will be able to use the neighborhood stabilization grants to buy 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 exceeding 120 percent of area median income).

Of Georgia’s $50 million allocation, the major components include:

  • State of Georgia: $18,679,977
  • DeKalb County: $5,233,105
  • Atlanta: $4,906,758
  • Fulton County: $3,094,885
  • Cobb County: $2,415,784
  • Gwinnett County: $2,065,581

“These grants will support local efforts to reverse the effects these foreclosed properties have on their surrounding neighborhoods,” said HUD Secretary Shaun Donovan, in a press release. “We want to make certain that we target these funds to those places with especially high foreclosure activity so we can help turn the tide in our battle against abandonment and blight.”

Since the housing crisis began, Georgia has ranked among the states with the most foreclosures. The Peach State had the sixth-most foreclosures in the second quarter and ninth-most in July, according to RealtyTrac.

The latest $1 billion in Neighborhood Stabilization Program funding is provided under the Dodd-Frank Wall Street Reform and Consumer Protection Act and follows some $6 billion in similar funding in recent years. The two other rounds of Neighborhood Stabilization Program funding came with the Housing and Economic Recovery Act of 2008 ($3.92 billion) and the American Recovery and Reinvestment Act of 2009 ($2 billion).

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