WASHINGTON, D.C. – September 26, 2008 – (RealEstateRama) — U.S. Senator George V. Voinovich (R-OH) today announced that 23 Ohio areas have received a total of $258,089,177 for the Neighborhood Stabilization Program (NSP) through the U.S. Department of Housing and Urban Development’s (HUD) Community Development Block Grant Program as part of the Housing and Economic Recovery Act of 2008. NSP provides state and local governments with a source of funding to help them respond to rising foreclosures and declining property values.
“These vital funds will enable communities throughout Ohio to make necessary renovations to reverse the trends of the housing market,” Sen. Voinovich said. “In the midst of a financial crisis which originally stemmed from a crashing housing market, I can’t think of a better place to invest funds than to help redevelop foreclosed property in Ohio. I will continue to work for a strong economy and better quality of life for all Ohioans.”
Ohio specifically will use this funding to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight. The funds will be used to: buy foreclosed homes; buy land and property; demolish or rehabilitate abandoned properties; offer down payment and closing cost assistance to low- to moderate-income homebuyers; and create “land banks” to assemble, temporarily manage and dispose of vacant land to encourage re-use or development of property.
The funds have been awarded to the following communities in Ohio:
- Akron $8,583,491
- Butler County $4,213,742
- Canton $3,678,562
- Cincinnati $8,361,59
- Cleveland $16,143,120
- Columbus $22,845,495
- Cuyahoga County $11,212,447
- Dayton $5,582,902
- Elyria $2,468,214
- Euclid $2,580,464
- Franklin County $5,439,664
- Hamilton City $2,385,314
- Hamilton County $7,970,490
- Lake County $3,402,858
- Lorain $3,031,480
- Middletown $2,144,378
- Montgomery County $5,987,999
- Ohio State Program $116,859,222
- Springfield $2,270,008
- Stark County $4,181,673
- Summit County $3,767,143
- Toledo $12,270,705
- Youngstown $2,708,205
For further information, please contact HUD at (202) 708-0380.