Breaking: New Albany awarded 6.7 million in neighborhood stabilization funds.

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Word from Indy is that New Albany’s application for funds via the U.S. Department of Housing and Urban Development’s federal Neighborhood Stabilization Program 2 (NSP2) has been approved for $6.7 million.

From the Indiana Housing and Community Development Authority’s web site:

NSP2 will provide grants to states, certain local communities and nonprofits to purchase and redevelop foreclosed or abandoned homes or other vacant properties, for resale or rental to low, moderate, and middle income households, in order to stabilize neighborhoods and stem the declining values of neighboring homes. The funding is provided under the American Reinvestment and Recovery Act of 2009 (Recovery Act) for additional activities under Division B, Title III of the Housing and Economic Recovery Act of 2008 (HERA).

More as details become available…

Update: Per Daniel Suddeath of the Tribune, the award actually comes from a shuffling of NSP1 funds rather than NSP2.

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