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Framingham Receives $500K to Support Foreclosure Prevention Efforts

March 5, 2010

Furthering the Commonwealth’s commitment to improve communities hard hit by foreclosure, Framingham will receive $500,000 million in federal funds to boost neighborhood stabilization programs already underway. The funds can be used to acquire and rehabilitate foreclosed properties and get them reoccupied with new renters or homeowners.

Having received $700,000 in 2009, the additional $500,000 will be used to target to middle-income and very low-income rental homes and homeownership opportunities

“Both the Legislature and the Administration are working hard on economic development proposals that will help get the Massachusetts economy back on firm footing, but people still need help right away,” said Senator Karen Spilka, Senate Chair, Joint Committee on Economic Development and Emerging Technologies.  “I am happy to see this foreclosure prevention relief going to Framingham and the MetroWest, as these areas are crucially important to the Commonwealth’s economic health and recovery.”

The funds for Framingham and four other communities come from the U.S. Department of Housing and Urban Development’s (HUD) Neighborhood Stabilization Program (NSP1). That program was funded through the Housing Economic Recovery Act, and is part of $43.4 million that was initially awarded to Massachusetts in 2009.  NSP1 is implemented in Massachusetts by the state Department of Housing and Community Development (DHCD) and funds can be used by municipalities, for-profit and non-profit developers to purchase abandoned, vacant, or foreclosed properties at a discount and to rehabilitate or redevelop them in order to respond to rising foreclosures and falling home values.

“Foreclosed and vacant properties lessen the quality of life for entire neighborhoods,” said Governor Patrick. “This influx of additional funds to those communities will enhance the good work they are already doing to revitalize neighborhoods and create new affordable housing opportunities for hard-working individuals and families who earn modest wages.”

“These additional federal funds will substantially assist those communities as they restore and rehabilitate properties left blighted due to foreclosure,” said Lieutenant Governor Timothy Murray, Chair of the Interagency Council on Housing and Homelessness. “By revitalizing these properties, we are also further investing in our affordable housing stock while also supporting individuals, families, and community development in our Commonwealth.”

“These additional neighborhood stabilization funds will provide a much needed shot-in-the-arm to our downtown revitalization efforts,” said Representative Pam Richardson.  “I appreciate the Administration’s willingness to partner with the Town of Framingham to address these issues.”

“I’m pleased to see this vital stimulus program come to Framingham” said Representative Tom Sannicandro. “These funds will not only assist working families in avoiding foreclosure but will promote positive economic development and improve the quality of life in Framingham.”

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