Monday, February 2, 2009

HUD Approves $2.8 Million in Neighborhood Stabilization Funds for Fairfax County

On Friday, Jan. 30, the U.S. Department of Housing and Urban Development (HUD) approved the plan from Fairfax County and awarded $2,807,300 in Neighborhood Stabilization Program (NSP) funds to assist the county in addressing the high foreclosure rate and declining home values in certain areas of the county. HUD's new Neighborhood Stabilization Program (NSP) will provide targeted emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities.

This funding will be used to finance the purchase of foreclosed homes by first-time homebuyers and non-profit organizations. The HUD funds will be incorporated in the county's Silver Lining Program which provides shared equity loans to help vacant foreclosed homes return to the market. The county has been anticipating this funding and expects to use the funds to enhance its existing “Silver Lining” Program.  

To view the full news release by HUD, please click here.

To view information on the Neighborhood Stabilization Program, please click here.