The Center for New York City Neighborhoods receives $500,000 grant
recognizing its program as one of the most promising models in the country
for returning foreclosed properties to productive use.

    NEW YORK, June 24 /PRNewswire-USNewswire/ -- Foreclosures, like the
subprime lending that precipitated them, have been heavily concentrated in
vulnerable neighborhoods. The resulting vacant and abandoned properties
threaten values of neighboring homeowners, invite crime, and discourage
further investment.

    In response, Living Cities, the longest standing consortium of the
nation's largest foundations and financial institutions, has announced the
awarding of its first round of grants, $3,750,000, to support innovative,
locally driven responses to combat the crisis.

    As part of this multi-city pilot, the Center for New York City
Neighborhoods (CFNYCN) will receive a $500,000 grant to acquire,
rehabilitate, and resell foreclosed homes. CFNYCN is a new entity created
with broad public and private sector support to address this pressing
problem.

    "The Center for New York City Neighborhoods is a ground-breaking
partnership between government, non-profits, banks and philanthropic
institutions that will help to protect homeowners and build stronger, more
stable neighborhoods," said New York City Housing Commissioner Shaun
Donovan. "Recognition by Living Cities that we are implementing one of the
most promising neighborhood stabilization models in the country will enable
us to leverage other local and national support. Prevention counseling,
legal services and education can help keep families in their homes. A home
is far too valuable for people to lose."

    In addition to making foreclosed properties available to working
families, CFNYCN will also act as mission-driven broker for short sales,
enabling the affordable purchase of short-sold homes, thus preserving the
character of many New York City neighborhoods. This intervention is
significant given the fact that many homes may not reach the foreclosure
stage due to consistently high housing demand in New York City.

    These grants are going to models being built in strong, mode
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