Alameda County will receive $11 million in federal stimulus funding to help fight blight and stabilize neighborhoods that have been hit hard by housing foreclosures.
The U.S. Department of Housing and Urban Development awarded the money under its Neighborhood Stabilization Program.
Under the grant, Alameda County's Housing and Community Development Department will work with local nonprofit housing agencies to purchase and rehabilitate at least 100 foreclosed, vacant homes and re-sell or rent them to eligible households.
The county is the lead agency in the Alameda County NSP Consortium, which includes the cities of Dublin, Emeryville, Livermore, Newark, Pleasanton, Hayward, Fremont, San Leandro, Union City and the urbanized areas of the unincorporated part of the county.
The funds will be used throughout neighborhoods that have the greatest foreclosure and vacancy problems.
Alameda County Board of Supervisors President Alice Lai-Bitker said in a statement, "The foreclosure crisis is impacting many residents and neighborhoods throughout the county."
She said, "These funds will help maintain property values in these neighborhoods and keep them from being vacant eyesores, while helping low and moderate-income families find housing they can afford."
Gov. Arnold Schwarzenegger said the funding that Alameda County is receiving is part of a total of $318 million that California is receiving from the federal government to rejuvenate neighborhoods hit by foreclosures.
Schwarzenegger said in a statement, "The foreclosure crisis has not only hurt families, but has also depressed local economies, affected our state's budget and led to the deterioration of many neighborhoods."
He said, "This money will help provide prompt relief and assistance to individuals, families and communities while also helping create jobs throughout California."
Under the rules of the program, at least 25 percent of the funds will be used to purchase properties that will be rented to households with annual incomes at or below 50 percent of area median income, which currently is $44,650 for a family of four.
The remaining funds will be used to buy and rehabilitate homes that will be resold to households at or below 120 percent of area media income, which currently is $107,150 for a family of four.
Alameda County Supervisor Keith Carson said in a statement, "These funds could not have come at a more critical time for our community. In addition to helping to stabilize neighborhoods, these funds will create and retain jobs in the county."