Stimulus Includes $2 Billion in Neighborhood Stabilization Fund
We wrote yesterday that housing advocates were concerned that the Senate’s stimulus bill eliminated all funding for a program allowing communities hit hardest by the housing collapse to buy up foreclosures, thereby preventing neighboring homes from plummeting in value.
Those advocates will be happy to learn that the final compromise bill includes $2 billion for the Neighborhood Stabilization Program. That’s less than the $4.2 billion passed by the House, but surely better than nothing. After all, it was the housing crisis at the root of this recession.