The Federal Reserve is seeking to improve neighborhoods blighted by abandoned properties and foreclosures following the worst recession since the 1930s, Fed Governor Elizabeth Duke said.
“Neighborhood stabilization efforts are critical, now more than ever, as not all communities will be stabilized without intervention,” Duke said today in comments prepared for the Fed-sponsored Community Affairs Research Conference in Arlington, Virginia. “Foreclosed, vacant, and abandoned properties threaten neighborhoods nationwide.”
The Federal Open Market Committee yesterday said the housing sector “continues to be depressed” and agreed to finish $600 billion in Treasury purchases in June to stimulate growth. The Fed left its benchmark interest rate in a range of zero to 0.25 percent, where it’s been since December 2008.
Duke didn’t comment on the U.S. economic outlook or monetary policy in her remarks.
© Copyright 2022 Bloomberg News. All rights reserved.