Sens. Stabenow, Levin Announce $500,000 to Help Mich. Neighborhoods Struck by Foreclosures
Funds Made Available by the American Recovery and Reinvestment Act
WASHINGTON, DC – August 27, 2009 – (RealEstateRama) — U.S. Sens. Debbie Stabenow and Carl Levin, both D-Mich., announced $500,000 in funding for distressed Michigan communities to address areas with large numbers of foreclosures. The funding is part of $5.5 million being provided by the U.S. Department of Housing and Urban Development through its Neighborhood Stabilization Program to help local communities purchase, rehabilitate and resell foreclosed properties in especially hard-hit neighborhoods.
“This economic recovery funding will provide the hardest hit neighborhoods across Michigan with the funding necessary to reinvest in their own communities,” said Stabenow. “I am laser-focused on making sure Michigan receives much-needed assistance in the economic recovery package, and I am pleased this investment will help provide our families with quality affordable housing.”
“Too many neighborhoods in Michigan have been struck by foreclosures which bring our communities down,” Levin said. “These funds will help some communities revitalize their neighborhoods.”
The Neighborhood Stabilization Program was initially established in 2008 for the purpose of stabilizing communities that have suffered from foreclosures and abandonment, through the purchase and redevelopment of foreclosed and abandoned homes and residential properties.
The grant money can be used to purchase and rehabilitate foreclosed properties, as well as offer down payment and closing cost assistance to low- and moderate-income homebuyers or create land banks to assemble, temporarily manage and dispose of vacant land for the purpose of stabilization neighborhoods.
Contact:
Levin Press Office: 202-228-3685
Stabenow Press Office: 202-224-4822
