Senator discusses more than $70 million in help he secured for Nevada families affected by crisis

October 22, 2008

Las Vegas, NV – Nevada Senator Harry Reid today joined Las Vegas Mayor Oscar B. Goodman, Las Vegas City Councilman Steven D. Ross and other officials to tour a northwest Las Vegas neighborhood that could receive major assistance fighting the foreclosure crisis through the Neighborhood Stabilization Program.

Created through the housing legislation recently passed by Congress and signed by the President, the program gives tools to fight the negative effects of foreclosures on neighborhoods to cities, counties and states. Nevada will receive more than $70 million in federal funding, with the City of Las Vegas slated to get at least $14.7 million. The program is administered by the Department of Housing and Urban Development (HUD.)

Reid, Goodman and Ross spoke outside a home at 8200 Moradi Avenue, located in ZIP Code 89131 – the hardest-hit area in southern Nevada in terms of foreclosures.

“The money we brought to Nevada through this program goes directly to our working families,” Reid said. “The pain of foreclosures touches every Nevadan in some way, and we are working to combat these problems every day. This program helps to protect home values for neighborhoods throughout our state.”

“The foreclosure crisis is hitting our city neighborhoods hard and thanks to the recent federal legislation that was passed due in large part to Senator Reid's efforts, we will be able to revive these neighborhoods and begin the road to economic recovery,” Goodman said.

“It is going to take programs like the Neighborhood Stabilization Program as well as the entire community working together to protect our quality of life and bring back the dream of home ownership for many families,” Ross said. 

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