The Community Builders, which coins itself as the largest non-profit, urban housing developer in the nation, will receive $78.6 million in funding from the U.S. Department of Housing and Urban Development (HUD) as part of The Neighborhood Stabilization Program (NSP2).

The program was created to redevelop hard-hit communities, create jobs and grow local economies by providing communities with the resources to purchase and rehabilitate vacant homes and convert them to affordable housing, and it is funded through the American Recovery and Reinvestment Act of 2009.

In its application, The Community Builders (TCB) identified a set of "prototype" projects, all related to the redevelopment or construction of multifamily housing that was consistent with the NSP2 Program objectives. Its proposal called for quickly identifying multifamily projects that meet the NSP2 funding criteria and working with local and state officials to secure preliminary financing commitments and aggressively redeveloping the targeted multifamily properties, according to a statement.

TCB was funded to work in Illinois, Indiana, Massachusetts, North Carolina, New York, Ohio, Pennsylvania, Virginia and the District of Columbia, according to a statement.