Michigan to receive $74.5 million to help families stay in their homes, cities to improve neighborhoods

State to submit application for additional funding

LANSING, Mich. – (RealEstateRama) — Efforts to eliminate blight and provide mortgage and property tax assistance in Michigan’s cities can now continue to help families and communities in need thanks to $74.5 million in funding approved by the U.S. Department of Treasury under its Hardest Hit Fund program, Gov. Rick Snyder said.

“The Hardest Hit Fund has been critical in helping homeowners stay in their homes and avoid foreclosures while helping cities like Detroit and Flint in particular eliminate blight and improve neighborhoods,” Snyder said.

The Michigan State Housing Development Authority will submit a distribution plan to the U.S. Department of Treasury for approval by March 4. Following approval, MSHDA will announce statewide allocations and next steps for fund distribution.

Since 2010, MSHDA has helped 29,798 households with more than $230 million in mortgage and property tax assistance. The blight elimination program has allocated $121 million since its creation in 2013, helping to clean up or demolish more than 8,000 abandoned structures.

“We are ready to insert these dollars into cities and continue the positive momentum of eliminating blight so it can no longer stand in the way of neighborhood revitalization,” MSHDA Executive Director Kevin Elsenheimer said.

By March 11, MSHDA also plans to apply for a share of an additional $1 billion in Hardest Hit Funds.