A total of $137 million dollars have been invested into Latino communities that have been hit hard by foreclosures around the country. The money has been invested by the National Association for Latino Communities Asset Builders, and their goal is to restore neighborhoods and stabilize communities so that growth can continue. This money has been used in eight different states as well as Washington DC. The money will help generate jobs as well as make housing more affordable. Spanish business translation services will help members of the Latino community learn more about financing options for the newly renovated properties that will soon be available.
Money Awarded to Latino Communities Under the Obama Administration
The money was a part of a highly competitive process, but the $137 million was eventually awarded by the Obama Administration to the Neighborhood Stabilization Program and the money was given to the National Association for Latino Communities Asset Builders to invest into Latino communities. The reason why the money was given to the NALCAB is because many areas of foreclosure have especially affected the Latino communities around the country. Translation services are spreading awareness of the new changes that the program is implementing. Some of the changes include improving neighborhood conditions to stabilize communities, establishing land banks for homes and properties that have been abandoned or vacated, and stimulating the economy by purchasing properties and selling real estate.