Even as we ring in the new year, many communities are still struggling with the ways in which foreclosed properties are affecting their neighborhoods. Now more than ever, these communities are relying on funds from the Department of Housing and Urban Development's (HUD) Neighborhood Stabilization Program (NSP), which was approved under the Housing and Economic Recovery Act of 2008.
On Monday, HUD approved requests for federal assistance for both Florida and Colorado.
Three Florida communities that have been hit particularly hard by the foreclosure crisis - Hillsborough County, Cape Coral and Fort Myers - will receive $28 million dollars in total from the federal housing agency.
According to RealtyTrac, the Cape Coral-Fort Myers area had the highest number of foreclosure-related filings in November, with one in every 59 housing units filing.
Additionally, HUD has approved Colorado's request for $34 million in NSP funds. Among the areas hardest-hit by foreclosures, the cities of Denver, Colorado Springs, Aurora and metro Denver’s Adams County have separately applied for a total of $19 million in HUD foreclosure-relief funds.