Overhead view of Sacramento

Rep. Doris Matsui Announces $31.87 Million Awarded to Sacramento

October 4, 2017
Press Release

FOR IMMEDIATE RELEASE
Fri., January 30, 2009
CONTACT: Alexis Marks (202) 225-7163

Rep. Doris Matsui Announces $31.87 Million Awarded to Sacramento

Housing Stimulus Passed by Congress will Provide Real Relief to Sacramento Homeowners

Today, Rep. Doris Matsui (CA-05) announced that the Sacramento Housing and Redevelopment Agency (SHRA) will receive $31.87 million to address the impact of abandoned and foreclosed properties. The funding is being awarded through the Neighborhood Stabilization Program, which was a new program created by Congress in H.R. 3221, the "Housing and Economic Recovery Act of 2008," which was signed into law on July 30, 2008. The Neighborhood Stabilization Program is the first program authorized by the federal government to focus specifically on the properties and neighborhoods impacted by the recent foreclosure crisis.

"I have seen firsthand how devastating the housing crisis is for families, neighborhoods, and communities. I am pleased that Sacramento is seeing the money authorized by Congress to address the foreclosure problems we are facing," said Rep. Matsui. "Sacramento continues to rank amongst the top cities in the nation in the amount of foreclosures happening everyday. This money from H.R. 3221 passed by Congress last year will provide real relief for Sacramento homeowners who have seen their communities destroyed and equity in their homes drop because of foreclosed properties."

Congress appropriated $3.92 billion for the program, and the Department of Housing and Urban Development allocated funds to 309 grantees nationwide based on the number and percent of home foreclosures, homes financed by subprime mortgage loans, and homes in default or delinquency in each state or local government.

andquot;Congresswoman Matsui has worked tirelessly in Washington, D.C., on our behalf to address the foreclosure crisis which has devastated many of Sacramento's neighborhoods. At a time when financial resources are greatly diminished, these funds provide the first real opportunity for local governments to make a meaningful effort to restore stability and vitality to our neighborhoods,andquot; stated Geoffrey Ross, Program Manager at the Sacramento Housing and Redevelopment Agency.

Sacramento will receive $13,264,829 in funding and Sacramento County will receive $18,605,460 in funding, for a combined total of approximately $31.87 million for the Sacramento region. The SHRA may use Neighborhood Stabilization Program funds for a variety of eligible uses, such as:

  • Establishing financing mechanisms to assist individuals in purchasing foreclosed homes;
  • Acquiring and rehabilitating abandoned or foreclosed homes;
  • Establishing land bank for foreclosed homes;
  • Demolition of blighted structures; and
  • Redevelopment of vacant and demolished properties

"The state of our economy is dire, and many experts agree that dealing with the foreclosure crisis is a priority if we are to dig ourselves out of this recession. This $31.87 million federal investment will begin to address the crisis head-on," said Rep. Matsui.

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