Using The Neighborhood Stabilization Program To Your Benefit
$731 million in new federal money began flowing last week to local communities to acquire and redevelop areas with high numbers of foreclosures and abandoned houses. For sharp-eyed real estate investors and developers, the new funds — plus another $2 billion scheduled for later this spring — could mean some attractive opportunities.
It’s all part of what’s called the Neigbborhood Stabilization Program. Roughly four billion dollars in special funding was authorized by Congress in 2008 and another two billion in the 2009 economic stimulus package. The $731 million sent out last week went to dozens of cities, towns and counties spread among 48 states. Among the recipients were some very large communities: Los Angeles, Detroit, Dallas, Houston, and Washington D.C and much smaller ones such as Kissimmee, Florida, and the U.S. Virgin Islands.
