California Receives More Than $318 Million Recovery Dollars to Rejuvenate Neighborhoods Hit Hardest by Foreclosures

January 15, 2010 – (RealEstateRama) — Governor Arnold Schwarzenegger today announced that $318 million in American Recovery and Reinvestment Act (Recovery Act) funding has been awarded to entities in California by the Housing and Urban Development Department (HUD). These awards are funded through the federal Neighborhood Stabilization Program (NSP2) to help renovate and rehabilitate foreclosed homes, eliminate blight and reinvigorate and stabilize the affected neighborhoods hit hardest by foreclosures.