Modesto, CA / Bilingual Weekly
Merced, Stanislaus and San Joaquin Counties are to receive nearly $19 million in federal funds to help communities address foreclosed property.
According to U.S. Congressman Dennis Cardoza (D-Atwater) office, the funding was made available through language Cardoza was able to have inserted into the recently-passed Wall Street Reform Act. The legislation will distribute $1 billion through the Neighborhood Stabilization Program among areas hardest hit by the foreclosure crisis. The NSP directs funding to local governments allowing them to purchase, refurbish and resell foreclosed and abandoned properties.
“Although this funding will help our communities, we must keep in mind that the NSP program addresses properties that are already foreclosed or abandoned,” said Cardoza, “It does not help families remain in their homes, and that is the key issue we must address.”
By descending amounts, San Joaquin County is to receive $4,398,543; the City of Stockton, $4,280,994; Stanislaus County, $4,175,947; City of Modesto, $2,951,549; Merced County, $2,705,877; and the City of Merced, $1,196,182. Additionally Fresno County received $2,739,766 and Madera County received $1,659,017. California overall received more than $149 million.