WASHINGTON, DC – December 19, 2008 – (RealEstateRama) – United States Senator Sherrod Brown (D-OH) today applauded Ohio’s decision to disperse $116.8 million in Community Development Block Grant (CDBG) funds, which Brown announced previously this year. These funds were awarded to Ohio to distribute to cities, counties, and regions to address the abandoned and foreclosed home crisis across the state.
Earlier this year, Brown also announced $258,089,179 to Ohio in Neighborhood Stabilization Program (NSP) funds. More than $140 million was awarded to 22 cities and counties. In response to today’s announcement, Brown released the following statement:
“Critical funds for rebuilding Ohio neighborhoods are on the way. I am pleased that HUD listened to Ohio homeowners struggling under the weight of the home foreclosure crisis in our state. We must support communities devastated by the housing crisis. These funds will help prevent further damage to Main Street Ohio. I will continue to fight for community development funds, which help rebuild Ohio neighborhoods while creating jobs.”
The Ohio Department of Development (ODOD) also awarded nearly $30 million in NSP funds to an Affordable Rental Housing Initiative, the purpose of which is to rehabilitate demolished, foreclosed, or vacant buildings into affordable housing for people with an income at or below 50 percent of the area median income. More funding will be available for households with incomes at or below 30 percent of the area median income. To apply for these funds, award recipients must develop a plan for using the NSP funds and submit an application to ODOD by February 27, 2009.
