Stabilization bid spurned by state

City may reapply for funding to battle foreclosures. The Department of Housing and Urban Development awarded more than $150 million to Indiana to be divided up as the state saw fit but none of the money went to Clark or Floyd counties. Neighborhood association remains optimistic about future. Funded by the Housing and Economic Recovery Act of 2008, the Neighborhood Stabilization Program was created to slow foreclosures in areas hit hardest by the economic downturn; New Albany applied for approximately $6.7 million