Stabilizing Neighborhoods Hurt by Foreclosure
A foreclosure is not only a tragedy for the family who loses their home but it also has a devastating impact on neighbors – causing home values to drop, leaving empty houses that are subject to vandalism or potential centers of crime. Entire communities are suffering because of foreclosures and the housing market decline.
I led the effort to create the Neighborhood Stabilization Program, which provides funding for states, counties and cities to assist communities hit hardest by the foreclosure crisis. I fought to secure $6 billion in funding for this program to fix up foreclosed homes so that they are no longer blighting the neighborhood and can instead be rented or sold to families in need of housing.
NSP is already helping stabilize neighborhoods all over the U.S.