Community Development Funds Will Help Rebuild Neighborhoods Devastated by the Foreclosure Crisis

WASHINGTON, D.C. – September 26, 2008 – (RealEstateRama) — U.S. Senator Sherrod Brown (D-OH) today announced that more than $258 million in new federal funds are headed to Ohio to help rebuild neighborhoods devastated by the foreclosure crisis. The funds have been awarded as a result of the Housing and Economic Recovery Act of 2008, which was signed into law in July 2008.
 
“These critical funds will rebuild Ohio neighborhoods,” said Brown. “Ohio cities will receive more than $258 million in community development funds. I’m glad the administration came to the conclusion that so many of us reached years ago. Ohio has been hard-hit by the housing crisis, but our cities are prepared to rebuild and revitalize.”

The housing bill, for which Brown strongly advocated, included $3.9 billion in funds for neighborhood stabilization funds. Ohio cities and municipalities will receive more than $258 million, which can be used to renovate homes or tear down blighted properties. It is estimated that these funds would more than double in value due to a multiplier effect generated through new jobs and rehabilitated housing.

In August, Brown wrote to the Secretary of Housing and Urban Development (HUD) to expedite the release of these funds.  A detailed break-out of the funding follows: 

AKRON: $8,583,491.53
BUTLER COUNTY: $4,213,742.24
CANTON: $3,678,562.26
CINCINNATI:  $8,361,592.11
CLEVELAND:  $16,143,120.31
COLUMBUS:  $22,845,495.12
CUYAHOGA COUNTY: $11,212,447.16
DAYTON: $5,582,902.49
ELYRIA: $2,468,214.82
EUCLID: $2,580,464.31
FRANKLIN COUNTY: $5,439,664.15
HAMILTON CITY: $2,385,314.92
HAMILTON COUNTY: $7,970,490.23
LAKE COUNTY: $3,402,858.52
LORAIN: $3,031,480.09
MIDDLETOWN: $2,144,378.51
MONTGOMERY COUNTY: $5,987,999.86
OHIO’S STATE PROGRAM: $116,859,222.63
SPRINGFIELD: $2,270,008.72
STARK COUNTY: $4,181,673.03
SUMMIT COUNTY: $3,767,143.53
TOLEDO: $12,270,705.56
YOUNGSTOWN: $2,708,205.50