Neighborhood Stabilization Program

Tampa, Nov 13, 2008 -

Contact: Ellen Gedalius

(813) 871-2817

Tampa, Fla. – U.S. Congresswoman Kathy Castor announced the details of the federal Neighborhood Stabilization Program today, joined in Sulphur Springs by Mayor Pam Iorio.

“This is exactly what Congress intended,” Castor said of money being spent in the neighborhoods. “This is absolutely vital.”

Earlier this year, Congress approved the $3.92 billion Neighborhood Stabilization Program. Tampa is set to receive $13.6 million; Hillsborough County, $19.1 million. This program will help everyone in the area because it is designed to safeguard the values of nearby properties.

Castor, who led debate on the housing bill on the House floor, said today that the program will provide safe and clean affordable housing for Tampa Bay area residents.

The city plans to use the money to purchase, tear down and rebuild vacant homes, as well as rehabilitate some foreclosed properties. That will help uplift and restore local neighborhoods, such as Sulphur Springs, West Tampa and East Tampa, among other areas.

Just today, research firm RealtyTrac released new statistics on the number of foreclosures in our country. Florida posted the third-highest foreclosure rate in the nation in October, with one in every 157 housing units receiving a filing. Foreclosure filings were reported on more than 54,000 homes.

ZIP code 33604- Sulphur Springs – saw 173 foreclosure filings last month.

“We’re all in this together, but we can celebrate this step forward today,” Castor said.

Hillsborough County’s board of county commissioners approved its Neighborhood Stabilization Program this month. The Tampa City Council is scheduled to vote on its plan next week.

“There is no other community that has been as proactive as the city of Tampa and Hillsborough County,” Castor said.

Castor is hosting a foreclosure workshop Dec. 6 at the Ybor City campus of Hillsborough Community College. Bankers, lenders and counselors will be on hand to advise those who need assistance. Hundreds of Tampa Bay area families attended two previous foreclosure workshops held by Castor’s office.