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The U.S. Department of Housing and Urban Development’s Neighborhood Stabilization Program has allocated $3.9 billion for states that were affected by the nationwide housing crisis. Part of this federal housing rescue package was aimed for Michigan foreclosures, to help the state bounce back on its feet.
The financial crisis has caused a staggering increase in the number of foreclosures for sale in this state, caused by delinquencies in mortgage payments triggered by recession and unemployment.
From the overall state fund, $47 million went to the City of Detroit, which city officials reported will be used in demolishing abandoned and run-down structures in Detroit’s several neighborhoods that were hard-hit by foreclosures.
These communities were severely affected by the mortgage crisis, resulting to several communities and neighborhoods with abandoned houses left to deterioration and decay. This restructure program aims to uplift these neighborhoods and bring in new occupants for these homes.
On a plan submitted to the City Council’s Planning and Economic Development Committee, $8 out of the total $47 million will be used in the rehabilitation of identified foreclosed homes. Another $4 million was allocated in the construction of new houses.
Target neighborhoods would be those with the highest rate of foreclosed homes, and those in the verge of prolonged decline. Part of the program may include guidelines for acquisition by new occupants which will be part of the city’s rehabilitation process.
Nine neighborhoods were identified by the Planning and Economic Development Department, which includes five from former Mayor Kwame Kilpatrick’s Next Detroit Neighborhood Initiative. These neighborhoods, with the highest cases of foreclosures, were identified as Brightmoor, North End, Osborn, Grand River/Greenfield, East English Village, Herman Gardens, Kettering, North Central and Ryan.
This program would be an initial move in a nationwide drive to stem the flow of further default in mortgage payments by providing a more comprehensive housing program. Doing so would put the housing market back on its feet, which experts and economists say is crucial for the country’s turnaround from the current financial crisis.
HUD Fair Housing Equal Opportunity