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Construction, foreclosure relief to get federal funding boost

September 08, 2010 02:15PM

Neighborhoods badly hit by the nationwide foreclosure crisis can expect another $1 billion to head their way, according to Housing and Urban Development Secretary Shaun Donovan, who announced today that the additional funds will be used to help the agency’s Neighborhood Stablization Program. The program, which was launched earlier this month, provides grants to local governments to purchase foreclosed properties, before private investors are able to acquire them. This announcement comes on the heels of the Obama administration’s latest plan to invest heavily in infrastructure development, in an effort to spur employment and boost economic recovery. Representative Anthony Weiner, whose district includes parts of Brooklyn and Queens, said in a Fox Business News video (see above) that the spending could provide a crucial boost for the ailing construction industry. “Are we going to be active in trying to deal with the recession or passive?” Weiner said. “With more people working, more construction people have jobs.” TRD