Looks like some metro areas that are riddled with foreclosures will get some help with the funds from Recovery Act phase 2 out of ?. Roughly $2 billion is being set aside to help revitalize neighborhoods across the country.
From HUD.GOV:
“Vacant homes have a debilitating effect on neighborhoods and often lead to reduced property values, blight, and neighborhood decay,” said Donovan. “This additional $2 billion in Recovery Act funding will help stabilize hard hit communities by turning vacant homes into affordable housing opportunities. The Neighborhood Stabilization program is a key part of the Obama Administration’s comprehensive approach to address the national housing and economic crisis.”
There is a document on the website that lists where all the funds are being allocated, for your convenience I did it for you. Minneapolis is getting about $19 million and St. Paul will get about $18 million. Funds will be used to buy and rehab homes, purchasing vacant bank owned homes and provide assistance for financing home buyers.
