01.16.09

Burr Announces Over $52 Million to Address Impact of Foreclosed Properties

Today, U.S. Senator Richard Burr announced that the State of North Carolina has been awarded $52,303,004 by the U.S. Department of Housing and Urban Development (HUD) as part of their Neighborhood Stabilization Program (NSP). These funds will be used to address the negative impact of abandoned and foreclosed properties on communities across the state.
"I am very happy that our state is the recipient of these funds," Burr said. "By limiting the impact foreclosed properties have on housing values, we are taking a step to put our real estate market back on track and mitigating the impact of the mortgage crisis that has affected so many communities across our state."
Part of HUD's Community Development Block Grant program, NSP was appropriated $3.92 billion by Congress and allocated funds to 309 grantees nationwide. North Carolina may use this grant to assist individuals in purchasing foreclosed homes, acquiring and rehabilitating abandoned homes, establishing land banks for foreclosed homes, demolition of blighted properties, or redevelopment of vacant or demolished structures. All NSP funds are required to benefit individuals or families at or below 120 percent of area median income (AMI) and at least 25 percent must be targeted at those living below 50 percent of AMI. Funds awarded under this grant must be used within 18 months.