Money acquired by Reid will help fight foreclosures throughout the state

March 19, 2009

Washington, D.C. – Nevada Senator Harry Reid today announced the release by the Department of Housing and Urban Development (HUD) of more than $72 million in federal grants to help fight the devastating effects of foreclosure on our state. The state will receive more than $24 million and Clark County will take in more than $22 million. The cities of Las Vegas ($14.7 million,) North Las Vegas ($6.8 million) and Henderson ($3.2 million) will also be given a major boost.
 
Created through the Housing and Economic Recovery Act supported last year by Reid, the Neighborhood Stabilization Program provides state and local governments with money to acquire and develop foreclosed properties that might otherwise become abandoned or blighted. The funds can also be used to help low- and moderate-income homebuyers pay their down payment or closing costs.
 
Other uses for the grants include: buying land and property; demolishing or rehabilitating abandoned properties; and creating “land banks” to assemble, temporarily manage and dispose of vacant land to encourage reuse or redevelopment of property.
 
“The housing crisis has hit Nevada harder than any other state.  This money helps protect home values and battle the foreclosure problem that is hitting in all areas of our state,” Reid said. “Clearly we need to do more to address the housing crisis, but by allowing local communities to put this money to the approved uses they decide are best, we will attack this issue from its roots.”

Clark County and southern Nevada cities are prepared to assist people and families to take advantage of this opportunity:  

Clark County and North Las Vegas: http://www.accessclarkcounty.com/depts/Finance/crm/Pages/NSP.aspx

City of Henderson: http://www.cityofhenderson.com/neighborhood_services/index.php

City of Las Vegas: http://www.lasvegasnevada.gov/information/17059.htm

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