This morning, NeighborWorks America hosted a press conference at which HUD Secretary, Shaun Donovan, announced an historic new partnership between the Department of Housing and Urban Development, financial institutions and members of the National Community Stabilization Trust — the National First Look Program.
National First Look brings together government, leading financial institutions and nonprofit members of the National Community Stabilization Trust (NST) to tackle the foreclosure crisis. The new program is designed to enhance the ability of nonprofit organizations to acquire foreclosed properties from private lenders who participate in the program, using Neighborhood Stabilization Program funds administered by HUD.
NeighborWorks is a founding member of the Stabilization Trust, and participation in this innovative program is an important part of our broader Sustainable Communities Initiative.
For more information on the program and partners, View HUD's press release and this Associated Press story.
