HUD, Phoenix promote new funding to rehab foreclosed homes
PHOENIX – The Quintero family realized its dream of owning a home near work, school and church with help the U.S. Department of Housing and Urban Development's Neighborhood Stabilization Program.
"We're so thankful," Ignacio Quintero said through a translator. "We want other people to know there are programs out there like this."
With Phoenix Mayor Phil Gordon on hand, a HUD official on Wednesday announced that communities, counties and the state of Arizona are entitled to a total of $45.3 million over the next three years to buy and rehabilitate foreclosed homes.
The money is part of a larger announcement by the Obama administration to fund a third round of the Neighborhood Stabilization Program to help more families like the Quinteros.
"Phoenix appreciates the money, and we'll put it to use quickly," Gordon said, adding that the program will help boost home ownership, prevent blight and create and preserve jobs.
The total national funding will be $1 billion, under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
In announcing the funding on the front lawn of the Quintero's central Phoenix home, Raphael Bostic, assistant secretary for HUD, called the family a success story.
"It shows how the public sector works to help hard-working, middle-class families," Bostic said.
HUD didn't hand over a check today, though. Michael Sullivan, a HUD spokesman, said each city will have to present the agency with a plan before the funds are released. Half of the funds must be spent in the first two years, with the final half being spent in the third year.
HUD provided a total of $6 billion between the first two rounds of the Neighborhood Stabilization Program.