I have tried to research as much information as possible regarding the " Housing and Economic Recovery Act of 2008 " so it can be disseminated to the public at large and to my fellow Realtors as well.
I am interested to see how our government actions in the end will help solve or alleviate the crisis we find ourselves in. Below are articles regarding Gwinnett County GA as one of the many State and Municipalities that will receive funds to help the neighborhoods recover from all the foreclosures we could possible end up having.
You can find more information at the links below.
http://www.hud.gov/news/release.cfm?content=pr08-148.cfm
Gwinnett County is one of the cities, counties, and states throughout the nation which has been notified that it will be receiving $10,507,827 from the U.S. Department of Housing and Urban Development to help deal with the problems being created in its neighborhoods by home foreclosures.
The funding is being provided to the County through the new HUD Neighborhood Stabilization Program [NSP] which was created with the passage of the Housing and Economic Recovery Act of 2008.
Funding is provided to grant recipient communities through a formula which includes the number and percentages of foreclosures, the number and percentages of subprime mortgage loans, and the risk of foreclosure and abandonment of homes.
Gwinnett County is proposing to use the NSP funding to acquire/rehabilitate and sell foreclosed properties to homebuyers, through private and/or non-profit organizations. The NSP guidelines do not permit the use of NSP funds for foreclosure prevention.
As required by the NSP guidelines, Gwinnett County has prepared its NSP application [Action Plan Amendment] for submission to HUD by December 1, 2008. The application will be considered by the Board of Commissioners on November 18, 2008.
A notice was published on October 31, 2008 on this Website that draft NSP application is available for review by clicking the following link [Gwinnett County NSP Application].
The announcement of the availability of the NSP Application was also published in the Gwinnett Daily Post on October 31, 2008 and can be reviewed by clicking the following link [Gwinnett County NSP Public Notice].
Public Comments on the Draft NSP Application must be received by November 14, 2008 - 5:00 P.M. to:
Gwinnett County Community Development Program
Attention: NSP Application Comments
575 Old Norcross Road, Suite A
Lawrenceville, GA 30045-4367
Telephone: 770-822-5190
FAX: 770-822-5193
TDD: 7700-822-5195
Email: gchcd@gwinnettcounty.com
All comments received will be provided to the Board of Commissioners and will be included in the NSP application submitted to HUD.
Additional information on the Gwinnett County NSP will be posted as the operational details of the program are developed. The program will be operational sometime in early 2009 when HUD provides a grant award contract to Gwinnett County.
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