Wall St. reform to finance CT neighborhood stabilization

Connecticut will receive $9.3 million to reinvigorate neighborhoods affected by the economic crisis, money that is part of the financial reform package passed earlier this year, Sen. Christopher Dodd announced today.

The cities of Bridgeport, Hartford, New Haven and Waterbury will receive about $1 million each, and the state will receive another $5 million.

The Dodd-Frank Wall Street Reform and Consumer Protection Act provided $1 billion in funding for the Neighborhood Stabilization Program.

"In addition to their devastating effect on families, foreclosures can damage whole communities through increased crime, declining home prices, and loss of revenue to support vital local services like police and firefighters," Dodd said. "The Neighborhood Stabilization Program gives communities the resources they need to fight the effects of foreclosures. These funds will help preserve neighborhoods and increase the quality of life for Connecticut families."