Help to Stabilize Housing Values Available
The primary method to help stabilize housing values is distribution of emergency Community Development Block Grants (CDBG). Each state will receive at least $19.5 million in emergency CDBG funds, with additional amounts distributed based on need.
These funds will be made available for several activities that will stabilize housing values, while also making housing available for low and moderate-income people. For example, communities would be allowed to acquire property, demolish or redevelop vacant or blighted property. Communities and housing organizations could also use funds to provide down payment and closing cost assistance.
States are required to submit a proposed Action Plan by December 1, 2008.
These funds provide an opportunity for rural communities to develop plans and access resources to address their housing needs and provide affordable housing, both for current residents and future residents.
For more information: www.saveamericasneighborhoods.org.