PA Accepting Applications For Additional Neighborhood Stabilization Funds

State Will Compete Against Others for Additional Federal Funds

HARRISBURG, Pa., June 26 /PRNewswire-USNewswire/ -- Governor Edward G. Rendell
today announced that Pennsylvania is seeking local governments and nonprofit
partner organizations to join the commonwealth in applying for federal funds
to stabilize and revive local neighborhoods and housing markets with heavy
concentrations of foreclosed properties. The deadline to apply is July 8.

The American Recovery and Reinvestment Act is providing an additional $2
billion in Neighborhood Stabilization Program funding, but this second
component - NSP2 - was established as a competitive program, rather than a
formula distribution.

The Governor said these funds will also help vulnerable families and
individuals who are on the brink of homelessness or have recently become
homeless.

In order to make the commonwealth's application competitive in the federal
evaluation process, the Department of Community and Economic Development - the
state agency charged with organizing the application process - has established
several minimum thresholds for interested participants. DCED will submit only
those proposals that meet the thresholds. DCED will compile the information
into a master application for funding on behalf of the commonwealth; it will
include only those proposals that meet the thresholds.

DCED's goals for the consortium application are to:
-- Reduce the number of foreclosed properties that have a blighting
influence on Pennsylvania's communities and neighborhoods;
-- Stabilize property values in neighborhoods with a significant number
of
foreclosed properties;
-- Demonstrate that the total costs per unit using NSP2 funds is
appropriate;
-- Assist low-income households in securing homeownership and affordable
rental housing; and

-- Leverage significant other resources.

The form to submit to DCED is at www.newpa.com, keyword NSP2. Interested
applicants are strongly encouraged to review the threshold information and
submission material.

To learn more about how the federal Recovery Act will benefit Pennsylvania,
visit www.recovery.pa.gov.

The Rendell administration is committed to creating a first-rate public
education system, protecting our most vulnerable citizens and continuing
economic investment to support our communities and businesses.To find out more
about Governor Rendell's initiatives and to sign up for his newsletter, visit
www.governor.state.pa.us.

CONTACT:
Barry Ciccocioppo
717-783-1116

Steve Weitzman (DCED)
717-783-1132

SOURCE Pennsylvania Office of the Governor

Barry Ciccocioppo of the PA Governor's Office, +1-717-783-1116; or Steve
Weitzman of Pennsylvania Department of Community & Economic Development,
+1-717-783-1132