Jan. 15, 2010

The city of Phoenix was awarded a grant of $60 million under the Neighborhood Stabilization Program (NSP2), funded through the American Recovery and Reinvestment Act of 2009. The U.S. Department of Housing and Urban Development awarded a total of 1.93 billion dollars to states, cities and organizations. Phoenix, along with its partners, received the sixth largest grant amount in the competitive process.

“This is a big win for the city of Phoenix,” said Mayor Phil Gordon. “This $60 million will help continue our efforts to stabilize neighborhoods hardest hit by the foreclosure crisis and create more jobs.”

The funds will be administered through the city’s Neighborhood Services Department and used to continue programs created earlier this year using $39.4 million in funds from the Housing and Economic Recovery Act. These programs address abandoned, foreclosed properties through acquisition, rehabilitation, demolition, redevelopment and financial incentives. An estimated 1,700 homes will benefit from these programs.

“The Neighborhood Stabilization Programs benefit all residents of Phoenix by reducing the numbers of abandoned foreclosed homes and helping to stop the decline of home values,” said Interim Deputy City Manager Jerome Miller.

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