Washington, DC – April 20, 2010 – (RealEstateRama) — Congresswoman Kathy Castor, Mayor Bill Foster and community leaders marked the groundbreaking today of new housing in the city of St. Petersburg under the Neighborhood Stabilization Program. Neighborhood Stabilization initiative funds will provide safe and clean affordable housing for Tampa Bay area residents.
“The city of St. Petersburg is making significant strides to combat the housing crisis facing our region and our nation, while creating jobs and working to rebuild our economy as a whole” Castor said. “We are uplifting our neighborhoods, one home at a time.”
Constructing and rebuilding houses in midtown will help the entire community, Castor said.
“The Neighborhood Stabilization Program was designed to safeguard the values of nearby properties,” Castor said. “By turning foreclosed, abandoned properties into livable homes, we will ultimately boost property values in our neighborhoods. That’s good news for everyone.”
The new home is located at 3645 17th Ave. S.
“The city of St. Petersburg is among the leaders in our area for purchasing property through the Neighborhood Stabilization Program with approximately 35 homes,” Castor said. “They are to be commended.”
In 2008, Congress approved $3.9 billion for the Neighborhood Stabilization initiative, and St. Petersburg received more than $9 million. The money goes to local governments to buy foreclosed and abandoned properties. The properties are then rehabilitated and sold on the market.
Earlier this month, the Obama administration made it easier for communities to take advantage of the Neighborhood Stabilization initiative by allowing more flexibility and expanding the type of homes that can be purchased by local governments. In addition, earlier this year, HUD awarded an additional $1.93 billion nationwide through the American Recovery and Reinvestment Act toward housing initiatives.