Los Angeles Housing Department Awarded $9.88 Million for Neighborhood Stabilization Program (NSP)

LOS ANGELES, Sept. 10 /PRNewswire/ -- The U.S. Department of Housing and Urban Development (HUD) announced that the City of Los Angeles Housing Department (LAHD) was awarded $9.88 million provided under the Dodd-Frank Wall Street Reform and Consumer Protection Act, through HUD's Neighborhood Stabilization Program round three (NSP3) to revitalize and rebuild the neighborhoods hardest hit by the foreclosure crisis.

"This is great news for the city of Los Angeles, as we work to revitalize communities while creating sustainable homes utilizing 'green' building components," said Doug Guthrie, general manager of the City of Los Angeles Housing Department. "Through the efforts of the Los Angeles Housing Department, Restore Neighborhoods LA, and many others, we are able to strengthen our communities, rehabilitate dilapidated properties, prevent blight and protect property values."

This federal allocation of NSP3 funds is in response to the negative impact of foreclosures and to combat the detrimental effects the housing crisis has had on Los Angeles neighborhoods.  NSP funds will be used to strategically acquire and redevelop foreclosed properties for affordable homeownership and/or multi-family rental housing opportunities, to be made available to low-to-moderate income families.

The City of Los Angeles received one of the largest allocations of NSP funds in the State.  To date, there have been two other rounds of NSP funding: the Housing and Economic Recovery Act of 2008 (HERA) – $32.8 million of NSP1 funding allocated to LAHD; and the American Recovery and Reinvestment Act of 2009 (Recovery Act) – $100 million of NSP2 funding allocated to LAHD.

Over the past three years, an estimated 30,000 foreclosures have been recorded in the Los Angeles area with the majority of the properties located in South and East L.A., and the San Fernando Valley.

For more information, visit the www.LAHD.LACity.org.

Los Angeles Housing Department's mission is charged with the development and implementation of citywide housing policy and supporting safe and livable neighborhoods through the promotion, development and preservation of decent and affordable housing.

SOURCE Los Angeles Housing Department