Feds approve city's $24m foreclosure buying plan.Mayor Michael R. Bloomberg announced the approval of $24 million in emergency assistance to allow New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. to buy, renovate and resell foreclosed properties. The first phase of the City's program--known as the Neighborhood Stabilization Program--will begin with four homes: two in Staten Island Staten Island (1990 pop. 378,977), 59 sq mi (160 sq km), SE N.Y., in New York Bay, SW of Manhattan, forming Richmond co. of New York state and the borough of Staten Island of New York City. , one in Queens and one in the Bronx. In total, the program, one of 18 initiatives announced by Bloomberg and Speaker Christine Quinn in October to help New Yorkers, will result in the purchase and redevelopment of roughly 115 buildings, providing affordable homes for between 250 and 300 New York City families. United States Department of Housing and Urban Development The United States Department of Housing and Urban Development, often abbreviated HUD, is a Cabinet department of the United States government. Although its beginnings were in the House and Home Financing Agency, it was founded in 1965 to develop and execute policy on housing (HUD Hud (h  d), a pre-Qur'anic prophet of Islam. Hud unsuccessfully exhorted his South Arabian people, the Ad, to worship the One God. )
Secretary Steve Preston Steven C. Preston (born ca. 1961) is the 22nd Administrator of the U.S. Small Business Administration. President George W. Bush nominated him to the post.[1] He was confirmed by the U.S. Senate by unanimous consent on June 29, 2006, and was sworn in on July 10, 2006. also launched "Keep Your Home. Know Your
Loan," HUD's national consumer education campaign. In this
campaign, the federal government will--for the first time--use the
City's 311 Customer Service Center to promote and support its work
in New York City.
"We've worked hard over the last seven years to build strong, safe neighborhoods, and we will not let the current mortgage crisis destabilize de·sta·bi·lize tr.v. de·sta·bi·lized, de·sta·bi·liz·ing, de·sta·bi·liz·es 1. To upset the stability or smooth functioning of: our communities and threaten our quality of life," said Mayor Bloomberg. "Through the Neighborhood Stabilization Program we will act quickly to stabilize those neighborhoods that have been hard hit by foreclosures by redeveloping foreclosed properties that might otherwise serve as a source of growing blight. HUD's new, national campaign will compliment our efforts to help people understand their finances and avoid foreclosures, and I'm glad HUD is able to use 311 to communicate to New Yorkers." "It is critical that we work closely with Mayor Bloomberg to put this money to work as quickly as possible," said Secretary Preston. |
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