| HPD, Habitat-NYC & Community Builders Get $36 Million for Neighborhood Stabilization |
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| Friday, 15 January 2010 11:08 |
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New York City Department of Housing Preservation and Development, Habitat for Humanity NYC and Community Builders have received federal stimulus program awards totaling $36 million as part of Neighborhood Stabilization Program Two. HPD will receive $20 million; Habitat-NYC will receive $10.5 million and The Community Builders, Inc. will receive $5.5 million.
The City will use the funds to buy, renovate and resell foreclosed properties in the most-affected neighborhoods to low- and moderate-income families.
Habitat will use its funds to address affordable housing issues in Brooklyn. “Over the past year, Habitat-NYC has been building more homes for families in need than ever before,” said Josh Lockwood, Executive Director of Habitat-NYC. “Today, we are proud to be able to continue that work with an award from HUD of $10.5 million for an array of housing solutions in select areas of Brooklyn, most notably Bedford-Stuyvesant and Ocean Hill. These communities have been hard-hit during the Great Recession, suffering from high foreclosure rates, a proliferation of abandoned housing, and disinvestment.”
"This is great news," said Housing Preservation and Development Commissioner Rafael E. Cestero. "I look forward to putting these funds to work strengthening and stabilizing our neighborhoods by purchasing and rehabilitating foreclosed and vacant properties that are negatively impacting communities. Bringing families back into these properties complements New York City's efforts in foreclosure prevention."
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