01.14.10

Durbin Announces $18 Million in Recovery Act Funding for Evanston

[WASHINGTON, D.C.] – Assistant Senate Majority Leader Dick Durbin (D-IL) today announced that the U.S. Department of Housing and Urban Development (HUD) has awarded a $18,150,000 Neighborhood Stabilization Program grant through the American Recovery and Reinvestment Act to the City of Evanston, Illinois. With this grant, Evanston plans to rehabilitate foreclosed properties and create affordable housing in Evanston’s lower-income areas. Durbin met with Mayor Elizabeth Tisdahl in October 2009 to discuss funding for this project.

 

“The dramatic increase of foreclosures in cities and towns across America is at the heart of the economic crisis,” said Durbin. “Last fall, Mayor Tisdahl brought one solution to my attention – a comprehensive plan to turn vacant homes into affordable housing opportunities in Evanston. Funding this initiative will help revitalize areas of a community hit hard by foreclosures and put Evanston on the path toward long-term economic growth.”

 

Congress created the Neighborhood Stabilization Program in 2008 in response to the nation’s growing foreclosure crisis. The program provided to $3.92 billion in formula-based grants to states and localities to address abandoned and foreclosed properties. The Recovery Act included $2 billion for a second round of grants which were awarded today. These grants are being distributed competitively to eligible states, local governments, consortiums, and non-profits that serve areas with high foreclosure or vacancy rates. Applicants also needed to provide a sound plan to HUD and demonstrate the capacity to return foreclosed (or abandoned) units to market. Today’s announcement is part of $1.93 billion awarded to nearly 60 different organizations and local governments.