Phoenix Receives $39 Million for Foreclosure Assistance and Neighborhood Improvements

Phoenix officials today were informed that the city has been allocated $39.4 million in Neighborhood Stabilization funds under the recent Housing and Economic Recovery Act that Congress passed earlier this summer.

The U.S. Housing and Urban Development will allocate the funds, which can be used in a variety of ways to address abandoned or foreclosed properties, including buyer assistance or other finance mechanisms, rehabilitation, acquisition, demolition or redevelopment.

Phoenix Mayor Phil Gordon praised Congressmen Ed Pastor from Arizona and Barney Frank from Massachusetts for their push to secure the funding.

“As in the past, we’ll use this money to leverage millions of dollars more from our partners who work hand-in-hand with the city in neighborhood and community improvement projects,” said Gordon. “These additional dollars will help leverage the economic stimulus package the City Council approved this week that is projected to create 73,000 jobs and $3.3 billion in capital projects over the next two years.”

Councilman Tom Simplot, chairman of the Housing, Neighborhoods, Historic Preservation and Arts and Culture City Council Subcommittee, echoed the mayor’s sentiments.

“These funds will help improve the quality of life for literally hundreds of residents and neighborhoods impacted by foreclosures,” Simplot said. “The timing couldn’t be more perfect.”