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The National Community Stabilization Trust (NCST) is a new national nonprofit organization created to connect servicers and investors holding foreclosed properties with local organizations and coalitions working to stem the decline of communities with high concentrations of vacant and abandoned foreclosed properties. Read the Fact Sheet (PDF, 68KB)
The National Community Stabilization Trust is sponsored by:
On Sept. 29, HUD issued a Notice explaining the regulations and procedures under which the Neighborhood Stabilization Program will operate. These funds may be used to purchase and rehabilitate abandoned and foreclosed homes. Summary of Neighborhood Stabilization Program
Regulations (PDF, 72KB)
Ten Solutions to Improve the Effectiveness of HUD's Neighborhood Stabilization Program
(PDF, 188KB, Dec. 1, 2008)
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. Read the letter submitted to Congress on Sept. 26 (PDF, 68K)
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, 45K)
The undersigned organizations gave their support for emergency stabilization funding in the housing relief bill:
Advocacy materials used to help pass the Housing and Economic Recovery Act of 2008.
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