Multinational financial services company Citigroup was bailed out by federal stimulus funds after taking large losses on bad mortgages. Today, Citi Foundation is helping fund projects in 10 metro areas to increase stability and prevent foreclosures.
In a press release yesterday, The Citi Foundation announced a $2.75 million grant to the Housing Partnership Network, and specifically to fund their Innovations in Neighborhood Stabilization and Foreclosure Prevention Initiative:
"The initiative will provide leading community-based housing organizations with grants and other resources to support high-impact neighborhood revitalization projects that can yield important lessons and be replicated in communities across the country.
The grant awards will fund 10 different neighborhood stabilization initiatives over a two-year period, and will be managed by 12 HPN member organizations. Two of the grants have a national focus, while the others target specific communities that have been heavily impacted by mortgage delinquency and foreclosure."
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