Federal Dollars Supposed to Help Stabilize Neighborhoods

By Michelle Wirth

Atlanta, GA – $50 million dollars was awarded by the U.S. Department of Housing and Urban Development today to help stabilize Georgia neighborhoods hit hard by foreclosure.
The money is being offered through HUD's neighborhood stabilization program and is supposed to help local communities acquire, redevelop or demolish foreclosed properties. Ed Jennings is a regional administrator for HUD:

"We expect several thousand homes to be impacted here in the state Georgia and over $100 thousand throughout the country."

Homes in Peoplestown, an Atlanta neighborhood near Turner Field, is one of the neighborhoods that received these types of funds in the past. Mayor Kasim Reed says the money has had an impact.

"Because of all the energy at the state, federal and local level we are transforming people's lives.

Atlanta will get $5 million dollars of Georgia's share. There has been an average of 15,000 foreclosure filings in Atlanta for the past few years.