Baca Announces HUD Neighborhood Stabilization Grants Awarded to Inland Area
Over $20 Million in Federal Assistance Awarded to SB County and Inland Cities to Assist Local Governments in Addressing Effects of Foreclosed Homes
Washington, DC – September 10, 2010 – (RealEstateRama) — Today, Congressman Joe Baca (D-Rialto) announced that San Bernardino County and the cities of Fontana, Ontario, Rialto, and San Bernardino have collectively been awarded over $20 million in Neighborhood Stabilization Program (NSP) grant funding from the Department of Housing and Urban Development (HUD). The NSP is designed to assist states and local governments in addressing the effects of abandoned and foreclosed housing.
“I commend the Obama Administration and Secretary Donovan for allocating this vital Neighborhood Stabilization funding in such an expedient and responsible manner,” said Rep. Baca. “These additional federal grant dollars will provide much-needed assistance to our struggling housing markets in the Inland Empire, allowing local authorities to rehabilitate distressed homes and further remove blight from our neighborhoods.”
The funding announced today is provided under the Dodd-Frank Wall Street Reform and Consumer Protection Act. These targeted funds will be used to purchase foreclosed homes at a discount and to rehabilitate or redevelop them in order to respond to rising foreclosures and falling home values. Today’s announcement marks the third round of NSP grants that have been awarded. 92 cents of every dollar from the first round of NSP funding is already obligated – and is in use by communities, buying up and renovating homes, and creating jobs.
The breakdown of NSP grant funding that has been awarded to local governments in the Inland Empire includes:
- $2.69 Million to the City of Fontana;
- $1.87 Million to the City of Ontario;
- $1.93 Million to the City of Rialto;
- $3.27 Million to the City of San Bernardino;
- $10.43 Million to San Bernardino County
“These grants will support local efforts to reverse the effects these foreclosed properties have on their surrounding neighborhoods,” added HUD Secretary Shaun Donovan. “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. As a direct result of the leadership provided by Senator Chris Dodd and Congressman Barney Frank, who played key roles in winning approval for these funds, we will be able to make investments that will reduce blight, bolster neighboring home values, create jobs and produce affordable housing.”
“Strengthening our distressed housing markets and stopping the foreclosure crisis continues to be a top priority of mine in Congress, concluded Rep. Baca. “I am proud to have supported the Wall Street Reform And Consumer Protection Act, which works to stabilize neighborhoods through this targeted NSP grant funding while creating tough, new consumer protections to ensure our nation never again suffers through a foreclosure crisis of this magnitude.”
Contact:
John Lowrey (202) 225-6161
Linda Macias (202) 225-6161
