D.C. wants stimulus funds for housing - Washington Business Journal:

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Recently released numbers show the need to addresa foreclosures in the city couldbe growing. Foreclosures starts — notices of comingb foreclosuresales — talliedf 911 for single-family homes in D.C. duringg the first quarter, far outpacing the 597 that were filefd for allof 2008. That means a spikd in foreclosures could be onthe way. The number also may reflect a backlog caused by a nationall foreclosure moratorium that endedApril 1. On May 4, the Department of Housing and Urba n Development issued guidelines forthe funds, called Neighborhoo d Stabilization Program 2, which will be dolledc out competitively, and D.C.
Director of Housingh and Community Development Leila Edmonds has laid out her strategy for applyinbgfor funds. Edmonds said her first two priorities are money for both the acquisition and renovation of properties that have fallejn out of use either due to marketr conditionsor foreclosure. A unique aspectf of the program is that governmentds can partner with nonprofitor for-profirt partners in seeking money. “Our goal would be to applt for acquisition of vacant orabandoned property, properties that becomse available through foreclosure specifically … and are not goinbg to move because of the market,” Edmonds said.
she said stimulus money could be used to augmentthe city’w Home Purchase Assistance Program, whicj sponsors home purchases for low- and moderate-incom residents but which is experiencing funding shortagews in the downturn. Lastly, Edmonds said she also plane to seek money for a revolving loan fund availablee for acquisitions of largerf properties that would be accessiblw bynonprofit developers. “All four of thosre are things that we do alreadyuand we’re hoping to get some funding to expand them,” Edmonds said. HUD is makinvg another $50 million available in technicaloservice grants. The deadline for application isJuly 17.