By Eugene T. Lowe
October 13, 2008

More than 800 local, state, and nonprofit participants took part in The Department Housing and Urban Development (HUD) national housing summit October 7 and 8. The meeting was held in Washington (DC) to present the details of the $3.92 billion Neighborhood Stabilization Program (NSP). The NSP was passed as part of the Housing and Economic Recovery Act of 2008, and provides funding for localities and states to buy and resell foreclosed homes. In addition, the two-day agenda included best practices and federal, state and local policies and programs that help prevent foreclosures and that reduced the effects of property abandonment and declining home values. The U.S. Conference of Mayors was one of several national organizations to co-host the summit.

New HUD Secretary Steve Preston said, “One of the benefits of the summit is that we can exchange information and educate each other. There are new, powerful programs available that did not exist in the past. This summit is an opportunity to create powerful and lasting partnerships and indicate best practices for stabilizing neighborhoods and helping families keep their homes.”

The summit also provided details of the Hope for Homeowners Program. Also passed in the Housing and Economic Recovery Act, the Hope for Homeowners Program makes available $300 billion in loan authority to the Federal Housing Administration (FHA) to help families facing foreclosures keep their homes.

Preston announced additional summits that have been scheduled: Los Angeles on October 10, Columbus on October 14 and Orlando on October 16.