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, which was signed into
law on July 30, 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.
For more information, please visit the Enterprise Community Partners.
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