Neighborhood Stabilization

Title III of Division B of the Housing and Economic Recovery Act of 2008 appropriates 3.9 billion for emergency assistance for redevelopment of abandoned and foreclosed homes and residential properties. The program created by this Act is called the “Neighborhood Stabilization Program.” The City of Ontario was allocated $2.7 million, of which federal law requires that all funds must benefit low and moderate income households. The City will utilize these funds to: 1) acquire, rehabilitate, and resell single-family homes; 2) acquire and rehabilitation multiple-family properties; 3) provide financial assistance; 4) establish land banks; 5) demolish blighted structures; 6) redevelop demolished or vacant properties; and 7) administration (capped at 10 percent).