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Dole Announces $57.7 Million to Assist N.C. Communities

Press Release

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Date:
Location: Washington, DC


DOLE ANNOUNCES $57.7 MILLION TO ASSIST N.C. COMMUNITIES STRUGGLING WITH FORECLOSURES

U.S. Sen. Elizabeth Dole today announced that North Carolina will receive grants totaling $57.7 million from the Neighborhood Stabilization Program (NSP), part of the U.S. Department of Housing and Urban Development (HUD).

The City of Charlotte will receive $5.4 million and the North Carolina statewide program will receive $52.3 million to buy foreclosed homes, land and property, to demolish or rehabilitate abandoned properties, to offer downpayment and closing cost assistance to low- to moderate-income homebuyers, and to create "land banks" to temporarily manage vacant land.

"I strongly supported the housing bill that created this program to help communities recover from and prevent the devastating effects of foreclosures," said Dole. "These resources will help stabilize neighborhoods and make a positive difference for hardworking North Carolina families."

Background

In July, Dole supported the Housing and Economic Recovery Act of 2008, which created the NSP. HUD has allocated $3.92 billion for the NSP to use across the country to acquire and redevelop foreclosed properties.

In addition to helping states and local communities purchase and rehabilitate abandoned and foreclosed properties, the NSP requires housing counseling for families receiving homebuyer assistance and mandates that states and local grantees ensure that new homebuyers under this program obtain a mortgage loan from a lender who agrees to comply with sound lending practices.

Congress mandated that each state receive at least $19.6 million, but many states, including North Carolina, will receive significantly more based on their relative exposure to foreclosures, subprime mortgages and mortgage delinquencies and defaults.


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