Launched in 2008, the Neighborhood Stabilization Program (NSP) provides localities with federal funding–about $7 billion to date–to help mitigate the negative spillover effects of foreclosed and distressed properties. Since this funding is small compared to the scale of the foreclosure crisis and the level of need, the program relies on a strategy of geographic targeting, concentrating investments where the market needs public dollars to stabilize. Through case studies of Los Angeles and Cleveland, this article shows how NSP grantees are using data about the local housing market to tailor their NSP strategies, resulting in very different interventions in the two cities. Targeting NSP funding has led to a measurable impact; at the end of 2010, more than 36,000 properties had been purchased and rehabilitated, making up approximately 20 percent of the REO in NSP-targeted areas.