The Housing and Urban Development secretary has awarded $1 billion to state and some county authorities in a third round of funding of the Neighborhood Stabilization Program (NSP). The grants are structured to help local governments ameliorate foreclosure blight (HUD says “help reverse” the effects but … well, that sounds like magic).

The funding is made possible through the Dodd-Frank Wall Street Reform and Consumer Protection Act. This is being referred to as the third round of these grants, bringing the total for NSP grants to about $7 billion.

File under: Throw another $1 billion on the fire.

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