Funding Level: Competitive
Overview: Title XI of ARRA appropriates $2 billion to Title III of the Housing and Economic Recovery Act (HERA) for the redevelopment of abandoned and foreclosed homes. Funds will be allocated competitively and all grantees must be in the areas with the greatest number and percentage of foreclosures. Funding may be used for the following activities: (1) Establish financing mechanisms for purchase and redevelopment of foreclosed home and residential properties; (2) Purchase and rehabilitate homes and residential properties that have been abandoned or foreclosed upon; (3) Establish land banks for homes that have been foreclosed; (4) Demolish blighted structures; (5) Redevelop demolished or vacant properties. ARRA also adds as an eligible use, an allowance for 10% of the funds appropriated under to Act to be used for capacity building at the local level.
For More Information: http://flarecovery.com/about/state-and-local-projects/safety-net/neighborhood-stabilization-program
Federal Contact: Department of Housing and Urban Development
State Contact: Florida Office of Economic Recovery