Snap Fact #232
President Obama Oversaw an Act that Provided $2 Billion for Neighborhood Stabilization!
On January, 14, 2010, under the support of President Obama, the United States Housing and Urban Development (HUD) provided $2 billion in Recovery Act under the Neighborhood Stabilization Program to non-profit housing developers, local governments, and states in order to help create more jobs and stabilize the economy.
Specifically, this amount of money has been used to demolish or rehabilitate abandoned properties as well as to offer down payment and
closing cost assistance to give low income and lower-middle class families a chance for home ownership while providing construction jobs to inner city residents.