MONTEREY COUNTY, Calif- Monterey County has received the first award of Neighborhood Stabilization Program funds in the amount of $2.1 million from the State Department of Housing and Community Development.
The funds will be used to acquire, rehabilitate, resell, and finance foreclosed homes to qualified homebuyers countywide. The program is a partnership between Monterey County and 6 local cities.
"This innovative program features an exemplary and historical partnership between the cities and the County," says Supervisor Simon Salinas. "We are working together to bring important stimulus funding to the residents of this County."
The purpose of the Neighborhood Stabilization Program is to rejuvenate neighborhoods and communities that are hardest hit by the foreclosure crisis.
The award represents a significant step forward in regard to stabilizing the economy in Monterey County, diminishing neighborhood blight, and ensuring the availability of affordable housing for County residents.
This first award is a partnership between Gonzales, Greenfield, King City, Soledad, Marina, Seaside, and the County to bring vital Federal resources to the County. It sets a new precedent for collaboration, as The County has applied for over $28 million in federal stimulus funding in partnership with cities.
The new program has a timeline, the initial purchase of units must occur by December 31, 2009.
If you would like more information on how to qualify for this program, contact the Redevelopment and Housing Office for the County of Monterey at (831) 755-5395.
