New Jersey Gov. Jon Corzine and Department of Community Affairs commissioner Joseph Doria last week announced $49.4 million of federal funding for cities and towns across the state to help stabilize neighborhoods affected by the surge in home foreclosures.

The funds are from the Neighborhood Stabilization Program and can be used to acquire property, demolish and rehabilitate structures, create land banks, and spur community recovery. The state will allocate 35 grants to 22 local governments and two counties.

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