Sen. Brown Announces More than $2 Million in NeighborWorks Housing Grants

WASHINGTON D.C. – March 17, 2010 – (RealEstateRama) — U.S. Sen. Sherrod Brown (D-OH) today announced eight new neighborhood development grants totaling $2,584,000. The funds, awarded by NeighborWorks America, will promote and preserve affordable housing for residents of Ohio.

“We must support communities devastated by the housing crisis. These funds will help prevent further damage to Main Streets across Ohio,” Brown said. “Foreclosures threaten the economic security of households, depress local property values, and weaken communities. We need to help responsible homeowners weather the economic crisis so that more foreclosures do not prolong it.”

NeighborWorks America (also known as the Neighborhood Reinvestment Corporation) is a Congressionally-created partnership between community, public, and private stakeholders. NeighborWorks provides locally-driven community development and counseling to families facing the threat of foreclosure. Through 235 community-based nonprofit organizations, NeighborWorks helps to reduce the foreclosures that threaten neighborhoods and local economies, produce and manage affordable rental properties, and revitalize surrounding communities.

Brown has also been a long-time advocate of efforts to help revitalize communities devastated by the foreclosure crisis. He fought for the creation of the Neighborhood Stabilization Program (NSP) in the Housing and Economic Recovery Act of 2008 and the continuation of the program in the American Recovery and Reinvestment Act (ARRA) of 2009. In February 2010, Brown called for President Obama to expand his foreclosure assistance program to Ohio. Brown also helped introduce the Community Regeneration, Sustainability and Innovation Act of 2009, which would create a new, competitive grant program within the U.S. Department of Housing and Urban Development (HUD) to help cities dealing with large-scale property vacancy.