HPN, Citi Foundation Launch Neighborhood Stabilization Fund

The Citi Foundation has committed $2.75 million to the Housing Partnership Network's (HPN) Innovations in Neighborhood Stabilization and Foreclosure Prevention Initiative, an effort to facilitate neighborhood stabilization in 10 metropolitan areas across the country. The initiative will provide community-based housing organizations with grants and other resources to support neighborhood revitalization projects.

The grant awards will fund 10 different neighborhood stabilization initiatives over a two-year period and will be managed by 12 HPN member organizations. Two of the grants have a national focus, while the others target specific communities that have been heavily impacted by foreclosures. Additional funds from the Citi Foundation will support HPN's efforts to provide technical assistance and facilitate peer information sharing.

HPN and the Citi Foundation have announced the award of a total of $2 million in grants to the following organizations: Atlanta Neighborhood Development Partnership Inc.; Boston Community Capital; Cleveland Housing Network; HAP Housing; Housing Development Fund; Mercy Housing Lakefront; Neighborhood Housing Services of Chicago; Neighborhood Housing Services of New York, in partnership with the Long Island Housing Partnership and the New York Mortgage Coalition; NHT/Enterprise Preservation Corp.; and Project for Pride in Living.

Grant awards for the initiative were determined through a competitive request-for-proposals process that drew 31 applications.


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