The City of Paterson is getting $2.3 million or 10% of $51. 5 million in grants through a new federal program to acquire and redevelop foreclosed properties.

HUD Secretary Steve Preston announced a $3.9 billion national program today to help all states and some of the hardest-hit localities prevent properties from being abandoned and to reduce urban blight. HUD plans to hold a national summit next month and regional events to explain the details of the so-called National Stabilization Program. MORE>>

Does this sound like a bailout?  Albeit a super extremely small bailout compared to the $700 billion they were planning.