WASHINGTON – Senator Chuck Grassley announced today that the U.S. Department of Housing and Urban Development has awarded $21,607,197.08 in Community Development Block Grants to Iowa through the Neighborhood Stabilization Program.
“These federal funds will help Iowa improve neighborhoods and help stabilize home values by purchasing foreclosed or abandoned homes,” Grassley said.
The funding is provided through the U.S. Department of Housing and Urban Development’s Community Development Block Grant Program under the Housing and Economic Recovery Act of 2008. Governor Culver manages and distributes the funds.
The Neighborhood Stabilization Program provides emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities in order to stabilize neighborhoods and stem the decline of house values of neighboring homes.