Release Date: Mar 17, 2009
File:

Summary:
On Tuesday, March 17, 2009, Montgomery County Commissioners passed a resolution accepting a $5,988,000 Neighborhood Stabilization Program Grant.  The grant is from the U.S. Department of Housing and Urban Development (HUD).

HUD's "Neighborhood Stabilization Program" provides emergency assistance to state and local governments affected by foreclosures and declining property values.

Montgomery County had over 5,100 foreclosure filings in 2008.  The NSP funds will be used to address areas of greatest need in the County.

With this money, Montgomery County can:
- Purchase and rehabilitate foreclosed homes to sell, rent or redevelop.
- Demolish blighted structures.

In order to implement these programs, Montgomery County has developed partnerships with CountyCorp, Dayton Metropolitan Housing Authority and the Homeless Solutions Initiative.  In addition, Montgomery County will be enlisting the help of a local university to track the progress of the County's efforts and assure that the allocations are meeting the program objectives.

The funding is part of nearly $4 billion being allocated by HUD to state and local governments for redevelopment of abandoned and foreclosed homes.