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. 

This grant is funded by the American Recovery and Reinvestment Act passed by Congress, supported, and signed by the President on February 17, 2009. “By investing Recovery Act dollars in revitalizing hard-hit neighborhoods, we’re not only creating new job opportunities, but giving communities across the country an opportunity for a fresh start,” said Vice President Joe Biden. “These competitive awards go to the heart of the Recovery Act: funding innovative projects that both provide immediate relief and help lay a new foundation for long-term economic growth.”