D.C. Eyeing Stimulus Funds for Foreclosed and Abandoned Properties
Thus far, D.C. hasn't been known for its foreclosure crisis. But according to this Washington Business Journal article, the city will be applying for a HUD stimulus grant to rehabilitate foreclosed and abandoned properties here. Money could also be used for the Home Purchase Assistance Program, which had to reduce assistance levels last fall.
On May 4, the Department of Housing and Urban Development (HUD) released information about the second phase of its Neighborhood Stabilization Program.
Tomorrow, they'll also release a map showing which areas are most in need of the funds. The minimum grant would be for $5 million. According to the WBJ article, "Foreclosure starts — notices of coming foreclosure sales — tallied 911 for single-family homes in D.C. during the first quarter, far outpacing the 597 that were filed for all of 2008. That means a spike in foreclosures could be on the way. The number also may reflect a backlog caused by a national foreclosure moratorium that ended April 1."
Image by Daquella Manera, Flickr Creative Commons