The Neighborhood Stabilization Program will provide emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities. Cobb County will receive approximately $6.9 million from Housing and Urban Development and $1.7 million from the Georgia Department of Community Affairs to rehabilitate, resell or redevelop foreclosed residential real estate in the county's areas of greatest need. The goal is to stabilize neighborhoods and stem the decline of home values.
Homebuyers may qualify for this program if they meet certain income criteria. For instance, a family of four can have an income of $85,450 and be eligible to participate.
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