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by CareyBot

Federal housing officials will host three regional summits this month to discuss foreclosure prevention efforts, including a program that's providing nearly $4 billion in grant funding to help state and local governments purchase and rehabilitate foreclosed homes.The Neighborhood Stabilization Program -- created as part of HR 3221, the sweeping housing bill signed into law July 30 -- helps state and local governments acquire land and property, demolish or rehabilitate abandoned properties, and offer down-payment and closing-cost assistance to low- to moderate-income home buyers.Grant recipients can also create "land banks" to assemble, temporarily manage, and dispose of vacant land for the purpose of stabilizing neighborhoods and encouraging re-use or redevelopment of urban prop...