In this brief video, a local Las Vegas news group called “City Scene” reports on the city’s Neighborhood Stabilization Program Action Proposal. City officials from Las Vegas are featured outlining these plans, which were due to the Department on Housing and Urban Development yesterday.
The Neighborhood Stabilization Program provides grants to communities laden with high foreclosure rates and was authorized under Title III of H.R. 3221, the “Housing and Economic Recovery Act of 2008.” Las Vegas, Nevada currently has the highest foreclosure rate in the nation and is eligible to receive approximately $14 million in Neighborhood Stabilization funds .
Read more about the high rate of home foreclosures in Las Vegas here.