For Immediate Release - May 15, 2012

Patrick-Murray Administration Announces Grant to Revitalize Abandoned Fall River Buildings

BOSTON – Tuesday, May 15, 2012 – Continuing the revitalization of the Commonwealth’s Gateway Cities, the Patrick-Murray Administration’s Department of Housing and Community Development today announced a $475,000 Neighborhood Stabilization Program (NSP3) grant for the City of Fall River to acquire and rehabilitate three vacant buildings.

“The Neighborhood Stabilization Program is a key part of the Patrick-Murray Administration’s mission of helping our cities and towns redevelop and revitalize abandoned and vacant properties,” said Secretary of Housing and Economic Development Greg Bialecki. “These grants are a great example of what happens when federal and local government and agencies work together to help local communities continue to recover and grow.”

“These funds being awarded to the City of Fall River will allow for the continued growth of the city and the community through the rehabilitation of these vacant properties,” said Undersecretary of Housing and Community Development Aaron Gornstein. “We thank the Obama Administration and our Congressional delegation for their support of this important resource for Massachusetts residents.”

NSP3 funds can be used by municipalities, for-profit and non-profit developers to purchase abandoned, vacant, or foreclosed properties at a discount and to rehabilitate or redevelop them in order to respond to rising foreclosures and falling home values. Fall River will use the $475,000 to acquire and rehabilitate 14 units of housing at vacant properties at 422 Alden St., 57-59 Joseph St. and 196 Quequechen St. These NSP3 funded projects will be part of Fall River’s citywide initiative, the Neighborhood Building Blocks Program.

"We're still recovering from the toughest economic period since the Great Depression and a foreclosure crisis that crippled real estate and left a lot of buildings vacant. This investment is a shot in the arm for Fall River to take vacant homes and buildings and revitalize them while putting people back to work,” said Senator John Kerry.

“I am proud that the Wall Street Reform bill made this funding available to the community of Fall River. Rehabilitating foreclosed and vacant properties is vital to our economic recovery and will do much to help nearby homeowners maintain the value of their property,” said Senator Scott Brown.

“We have seen throughout Massachusetts how important it is to rehabilitate abandoned buildings,” Congressman James McGovern said.  “It’s important for the well-being of the neighborhood and key to increased economic development.  I’m very pleased that Fall River will be receiving these federal funds.”

“I’m very grateful that the Administration has provided these much-needed funds to the City of Fall River,” said Senator Michael J. Rodrigues. “This funding is a result of successful collaborations between the Federal Government, the City, and the Commonwealth. This is an exciting step forward in Fall River’s growth and redevelopment.”

The Neighborhood Stabilization Program is a grant program to support neighborhood stabilization and redevelopment to help transform foreclosed and vacant properties in six Massachusetts communities, Fall River, Attleboro, Boston, Brockton, Lawrence and New Bedford. The U.S. Department of Housing and Urban Development awarded more than $6 million in NSP3 funds through the Dodd-Frank Wall Street Reform Act in 2010 and is implemented in Massachusetts by the state’s Department of Housing and Community Development.