ALBANY – A total of $59 million in Neighborhood Stabilization Program (NSP) grants has been set aside to assist communities affected by the foreclosure and subprime mortgage crises. The NSP awards will be distributed to 29 projects throughout the state, allowing for the purchase and redevelopment of foreclosed and abandoned properties. The Governor made the announcement in the Village of Hempstead with Nassau County Executive Tom Suozzi.

The awards follow a competitive Request for Proposal process during which organizations were invited to apply for NSP funds. The state housing agencies that comprise NYHOMES selected 29 applicants across New York that represent a cross-section of local affordable housing providers. The grants are available through a combination of federal and State funds.

“Nassau County has had more than 6,000 foreclosure filings, and we are being affected more and more every day by the economic crisis that the nation is experiencing. The Neighborhood Stabilization Program funding will enable us to provide some relief to communities that were hardest hit by the foreclosures,” County Executive Suozzi said. “We are going to do what we can to not only help residents avoid the loss of a home, but to also stop the decline in the value of neighboring properties.”