Chicanos Por La Causa (CPLC) and NALCAB -- National Association for Latino Community Asset Builders -- announced today that they have invested a total of 137 million dollars into predominantly Latino communities that have been hard hit by foreclosures. This effort has successfully restored neighborhoods and stabilized communities in eight states and the District of Columbia.
To view the multimedia assets associated with this release, please click: http://www.multivu.com/mnr/58956-cplc-nalcab-invest-in-foreclosure-hit-latino-communities-hud-grant
The initial investment of funds came from a grant from the U.S. Department of Housing and Urban Development and is the largest grant ever targeted by the federal government to predominantly Latino communities. See NSP2 overview infographic.
"Not only have we completed our task ahead of schedule and with the highest level of accountability, our market-based approach is generating revenues that we are reinvesting in these communities that were devastated during the recession," said Edmundo Hidalgo, CEO of CPLC in AZ.
"We are pleased with the NSP2 program results to date, but there is much more work to be done. We are committed to rebuilding our communities and contributing to the resurgence of the American economy," said Noel A. Poyo, Executive Director, NALCAB in TX.
In February 2010, through a highly competitive process, the Obama Administration awarded $137 million under the Neighborhood Stabilization Program (NSP) to CPLC, Inc., acting as the lead applicant for a national consortium of high capacity, nonprofit affordable housing developers, to revitalize neighborhoods that had been negatively impacted by foreclosure and abandoned properties.
The members of this consortium, all members of the NALCAB network, are anchor institutions in their communities and provide bilingual and bicultural services. This award recognized not only the demographic growth of Latinos, but also the extent to which Latinos have been disproportionately affected by the foreclosure crisis.
NSP2 is a program of the U.S. Department of Housing and Urban Administration. NSP2 objectives are to:
-- Purchase and rehabilitate homes and residential properties that have been abandoned or foreclosed.
-- Stimulate local economies by purchasing, renovating, and selling real estate in local communities.
-- Stabilize housing values while improving neighborhood conditions.
-- Establish financing mechanisms for homebuyers interested in purchasing
-- NSP2 rehabilitated properties.
-- Establish land banks for homes and vacant properties that have been foreclosed or abandoned.
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