Valley cities spending millions on housing

Another Phoenix Neighborhood Stabilization Program (NSP) Home. Property has been completely renovated is eligible for $15,000 down payment assistance
Another Phoenix Neighborhood Stabilization Program (NSP) Home. Property has been completely renovated is eligible for $15,000 down payment assistance

By Christina Estes | KTAR

When President George W. Bush signed the Housing and Economic Recovery Act of 2008, it made about $4 billion available for cities to buy, rehab and resell foreclosed homes.

The idea was to help areas hardest hit by foreclosures, including the Valley.

Phoenix has received about $115 million under the Neighborhood Stabilization Program. According to a city council report, Phoenix has addressed 2,584 vacant, foreclosed housing units, the majority being apartments.

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