Neighborhood Stabilization Program
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Los Angeles Neighborhood Housing Services (LA NHS), in a consortium agreement with Asian American Drug Abuse Program, ANR Industries, Budget Finance Company, City of Carson, City of Compton, City of Inglewood, GRID Alternatives, Major Properties, Vermont Village Community Development Corporation, Search to Involve Pilipino Americans, Vermont Slauson Economic Development Corporation, and Watts Century Latino Organization, is pleased to have be
en awarded $60 million in NSP2 funds. Specifically, the funds will be shared with the consortium to help implement the work of acquiring, rehabilitating and reselling bank owned properties.
This program is more important now than ever. On April 16, 2010 a congressional report stated that only 1 in 6 borrowers will be helped by the Obama Administration’s Making Home Affordable Program. It is well documented that minorities were much more likely than others to receive sub-prime loans, regardless of their income level. Although more recently borrowers with conventional loans have started to default, the majority of mortgage defaults have impacted borrowers who were in sub-prime loan products. While this news is not positive, the NSP2 funds that were awarded in
The funds granted will be used in targeted areas across 37 zip codes that have been most severely impacted by foreclosures. These areas include
These activities will benefit households whose income is at or below 120 percent of area median income, with 25 percent of the funds for households at or below 50 percent of area median income. These funds, and the leveraging of $2.6 million in other funds, will allow the Consortium to expand on existing local efforts and make a significant contribution to neighborhood stabilization within the targeted areas.
On April 28, 2010,
When Speculators Buy Up the Neighborhood: Community Stabilization Strategies
Communities of color are particularly hard hit by foreclosure, abandonment, and speculation. This workshop will impart: 1) a general understanding of investor trends and business models in the current economic environment; 2) a framework and strategies that localities can use to prevent irresponsible investor ownership; and 3) a case study of speculation in high-foreclosure Minnesota neighborhoods and what community groups, philanthropies, and cities are doing to prevent further decline due to predatory investors.
