Changes to Housing Initiative Good First Step


Washington, DC – April 5, 2010 – (RealEstateRama) — Congresswoman Kathy Castor released the following statement today regarding changes announced to the Neighborhood Stabilization Program:

“The Obama Administration is rightfully redoubling its efforts to address the housing crisis that is hurting Florida families, and I have pushed for the administration to focus more on helping homeowners during these difficult times. The changes announced today will allow local governments to purchase properties that are in mortgage default and uninhabitable homes with lingering code violations. Local governments must be as proactive as possible to stabilize housing values and return foreclosed houses into livable, market-rate homes for families to move into.

“Our Tampa Bay region has been hard hit by foreclosure, yet some of our local governments have lagged behind in buying up foreclosed properties through this grant initiative. These new rules will give greater flexibility to local governments and further enable them to spend their Neighborhood Stabilization Program grants by the September deadline.

“While this is a good step, the Obama Administration needs to do even more to help families struggling to keep up with their mortgage payments. Too many Floridians are underwater, and we must take measures to make sure families can afford to stay in their homes.”


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