Atlanta, GA-- In Atlanta, like many cities, there are entire neighborhoods underwater and in foreclosure. For some of them, the Neighborhood Stabilization Program has literally been a lifeline. Georgia just received $50 million for its third installment of the funds.
"All of the recipients of NSP1 money in the state of Georgia have obligated 100 percent their money," said Edward Jennings, the Southeast Administrator for Housing and Urban Development.
On Wednesday, Atlanta city officials announced that they're getting nearly $5 million as part of the new infusion of HUD money. It will give even more people access to homes that they might not otherwise be able to afford.
"Giving people hope for the future," said Rep. Hank Johnson. "It's a classic shift from Wall Street to Main Street.