Secretary Donovan delivered a speech at the Solutions for Working Families: 2009 Learning Conference on State and Local Housing Policy in Chicago. Following is an excerpt. The full text is available from the Chicago Sun-Times here.
And our work continues with the President's Making Home Affordable plan. Nearly a million homeowners have received information about the plan and participating services have extended offers on nearly a quarter-million trial modifications so far. Over the next few months, we expect these numbers to grow significantly, and we already have some early signs that the overall housing market is recovering.
But as we work to help our economy recover and put a halt to foreclosures, we are also laying the foundation for sustainable growth.
We have made the highest amount of competitive funds available in HUD's history through the Recovery Act - encouraging state and local governments to develop new and innovative ways to improve public housing, rebuild communities, and increase energy efficiency.
One of the most important competitive investments in the Recovery Act is the additional $2 billion we've invested in the Neighborhood Stabilization Program to help communities purchase and convert foreclosed and abandoned properties into new affordable housing, land banks, or other options that preserve neighborhoods.
These competitive funds will not only turn foreclosed properties into homes again, but also ensure that communities go about the rehabilitation and purchase process in a smart, collaborative, and, above all, sustainable way.
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