The national foreclosure crisis took a big toll on Los Angeles, with many families losing their homes and communities critically affected by banks leaving foreclosed homes empty to plague entire neighborhoods. The federal government awarded the city $143 million to address this crisis. The funds have helped us buy foreclosed homes and multi-family properties, restore and renovate the properties to sell and rent them to low-income populations. Dubbed the Neighborhood Stabilization Program (NSP), this program had the dual impact of cleaning up deteriorated foreclosed properties that had blighted neighborhoods and providing low-income families opportunities to buy or rent affordable homes.
Last modified: August 3, 2020