Community Development Digest

Neighborhood Stabilization

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IG: State Should Repay $1.4M in Neighborhood Stabilization Money

A Department of Housing & Urban Development inspector general investigation of Neighborhood Stabilization Program subsidy spending by Rhode Island finds the state improperly spent NSP awards and can offer HUD no assurance more than $6.3 million was not wasted.

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Housing Partnership Network Explores Neighborhood Stabilization

The Housing Partnership Network (HPN) is making available five articles that explore effective strategies and programs to assist communities still reeling from the ongoing foreclosure crisis.

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HUD Mandates Updated Foreclosure Needs Map for NSP2 Grantees

Grantees awarded funding through HUD's Neighborhood Stabilization Program 2 (NSP2) will now use an updated foreclosure needs map and associated needs index score in selecting geographic target areas, according to an amended 2009 Notice of Funding Availability (NOFA).

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Loan Modification Initiative to Reduce Foreclosures, Stabilize Neighborhoods

The initiative has significant implications for developers in that it will help further reduce the inventory of foreclosed homes and stabilize neighborhoods hardest hit by the housing crisis.

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New Bond, Tax Credit Programs Urged to Help Distressed Communities

Proposed programs include the Qualified Neighborhood Investment Bond program which would authorize $8 billion in state and local bonding authority to provide a flexible resource for dealing with vacant or tax delinquent properties that are hindering the revitalizations of neighborhoods.

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CA Law Extending Code Repair Deadlines Combats Blight

California lawmakers pass legislation (AB 2314) providing local governments and other entities additional tools to combat neighborhood blight resulting from foreclosures. Gov. Jerry Brown (D) signed AB 2314 into law Aug. 28. The law gives homeowners more time to address code violations. It also man...

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Chicago Considers Eminent Domain to Take Properties

Chicago joins a trend of jurisdictions considering the use of eminent domain in order to take "underwater" properties and refinance them in order to prevent foreclosures.

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FHA Targets Four Cities for Distressed Loan Sales

Neighborhoods in Chicago, Tampa, Phoenix and Newark, NJ are targeted by the Federal Housing Administration (FHA) for combined 3,500 sales of severely distressed loans to prevent blight in some cities. The expected sales in the targeted areas represent more than a third of the 9,000 total sales FHA ...

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REO Pilot Investor Identities on Hold

(CD Publications) -- While the Federal Housing Finance Agency (FHFA) says it has selected financial firms to buy the first bulk of Fannie Mae and Freddie Mac foreclosure inventories, FHFA is holding the names close to the vest.The housing agency initiated the real estate owned (REO) pilot program on...

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Kansas City Land Bank to Address Tax Delinquent Lots

Kansas City, MO has a new land bank with the authority to acquire and resell thousands of tax delinquent properties for housing and economic development.

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