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The Save America's Neighborhoods campaign brought together a broad coalition of organizations that successfully advocated for emergency stabilization funding in the Housing and Economic Recovery Act of 2008.
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On February 17,2009, President Obama signed the American Recovery and Reinvestment Act (ARRA) into law. This bill included $2 billion for a second round of funding for the Neighborhood Stabilization Program (NSP) along with several major changes to the program, some of which will affect the first allocation and some of which will only apply to the second allocation. A summary of the changes is outlined below. The changes are divided into those that will affect the original round of NSP funding, allocated in the Housing and Economic Recovery Act of 2008 (HERA), and those that will only affect the second round of NSP funding as established in ARRA. However, until HUD releases its interpretations of the new ARRA language, there may be changes to the categories below. Changes to the Neighborhood Stabilization Program in the American Recovery and Reinvestment Act of 2009.
The allocation information for each state and city under the Neighborhood Stabilization Program.
The Save America's Neighborhoods Coalition applauds the inclusion of the $3.92 billion in Neighborhood Stabilization Funds in the Housing and Economic Recovery Act of 2008. This one-time, emergency neighborhood stabilization funding will enable states and cities to work with local nonprofits to acquire and rehabilitate foreclosed homes until owners and renters are ready to move in. This crucial investment of federal resources is estimated to encourage:
- $10 billion in economic activity nationwide
- create more than 32,000 jobs
- generate more than $800 million in one-time revenue for all levels of government
- restore nearly $60 million per year in real estate tax collections by local governments.
Members of the coalition are working with HUD to make sure the funding formula is fair and that these funds are distributed to the areas with the greatest need.
Fact Sheet of Emergency Assistance for the Redevelopment of Abandoned and Foreclosed Homes (Neighborhood Stabilization Funds) as included in P.L. 110-289, the Housing and Economic Recovery Act of 2008 (H.R. 3221) (PDF, 45KB)
The Save America’s Neighborhoods Coalition urged Congress to include language in the Treasury finance legislation that will help keep families in their homes and facilitate community stabilization through the transfer of vacant and real estate-owned properties to capable state and local entities and qualified nonprofits. SAN letter submitted to Congress on Sept. 26, 2008 (PDF, 68KB)
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