A little reported fact was that the Obama administration pumped nearly 1 billion dollars into a program called the Neighborhood Stabilization Program (NSP). The idea was to get neighborhoods hardest hit some funds to help with downpayment assistance programs and the like. Every state got some money based on their level of need. For example, California and Florida got $149M and $208M respectively. As they have been hardest hit by foreclosures, this makes sense. Now remember, I just said everyone got something based on their level of need. We keep hearing about how Washington is one of the markets predicted to recover first, and we're already seeing signs of that. This just goes to further that point. Washington received $5M. Yep, 5 million out of 970 million dollars went to Washington state. What do you suppose the MINIMUM was that was given out to states? Yep, $5 million dollars. So while we're not out of the woods yet, it certainly COULD be worse.
If you'd like to see where all the money went, here's a link to the file: NSP Funds By State
Posted by John at 11:48 AM. Filed under: General