Fresno Awarded Funds to Address Foreclosure Crisis

The City of Fresno has been awarded $10.96 million allocation of the $3.92 billion available from the Neighborhood Stabilization Program. The Program provides grant funding for the City to purchase foreclosed or abandoned homes and to rehabilitate, resell, or redevelop these homes in order to stabilize neighborhoods and stem the decline of house values of neighboring homes. Funding can also be used to provide financing to assist low income homebuyers with the purchase of foreclosed homes.

When informed of the award, Mayor Autry responded, “This is a great opportunity for the City to make a positive impact in our neighborhoods that have been affected by this foreclosure crisis, especially those neighborhoods in our areas of concentrated poverty. I also want to thank President Bush and his Administration for their continued investment in our nation’s communities.”

City staff is preparing the Action Plan for utilizing these funds which is due to the Department of Housing and Urban Development by December 1, 2008.