Federal money for foreclosures

The U.S. Department of Housing and Urban Development spent $7 billion to help local governments nationwide rescue neighborhoods whacked by the foreclosure crisis. Both St Paul and Minneapolis took advantage of the opportunity, managed by the Neighborhood Stabilization Program (NSP).

Altogether, the cities have been awarded $62.6 million in all three rounds.

According to the Minneapolis Star Tribune

Recipients of the first-round money, awarded in late 2008, need to have it committed to projects by Monday or risk giving the money back. Minneapolis and St. Paul, which received $25 million combined in first-round awards, have met that goal, according to federal records and local officials.

The funding has been a win-win-win program for the Twin Cities. It has minimized homes left empty, optimized the improvements to home and increased employment in the areas.

Submitted by Minneapolis Realtor, Mary Rugani.

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