Foreclosure nabes get $5M to help

A New York State plan will put $54.5 million towards rebuilding neighborhoods that have been hurt by foreclosures, with as much as $5,301,213 going to New York City, through the Federal Neighborhood Stabilization Program (NSP).
The plan is from the New York State Housing Finance Agency (HFA) and has been approved by the U.S. Department of Housing and Urban Development (HUD).
“HUD’s prompt approval of our Neighborhood Stabilization Program plan will allow us to save neighborhoods endangered by the spreading foreclosure crisis,” said New York State Governor David Paterson. “My administration is committed to responding to the pain caused by subprime fallout and this funding will ensure that our efforts will continue.”
The funds will be used “to buy, renovate and resell foreclosed and abandoned properties. The decision enables HFA, the agency responsible for overseeing the state’s NSP program, to approve grants to local governments, non-profits and other organizations that will help rebuild communities most affected by the foreclosure crisis.”
“Many communities across the state are endangered because of the fallout from the foreclosure crisis. The Neighborhood Stabilization Program will be an important tool to protect these neighborhoods and provide homes to new homebuyers. We look forward to carefully examining the applications for these funds and putting these resources to work as quickly as possible.”
The maximum amount of funds that the various counties throughout the state will receive was determined using HUD data and recommendations. The maximum for New York City is $5,301,213, which is the highest cap. Westchester County has the second highest cap with $4,555,214.
On Long Island, the cap for Nassau County has been set at $1,697,577 and $3,529,949 for Suffolk County.
“Today’s announcement is welcome news for New York, its neighborhoods and its hardworking residents,” U.S. Senator Hillary Clinton said. “As the state faces a dire economic situation, it is imperative that we work to strengthen our struggling communities. The Federal Neighborhood Stabilization Program funds will play a critical role in preserving and stabilizing our communities hardest hit by the home foreclosure crisis.”