$26 million heads to Oakland County neighborhoods

metromode, 10/2/2008

Wall Street might not be getting any federal bailout (for now) to deal with bad mortgages but Oakland County has received $26 million to do just that.

The U.S. Department of Housing and Urban Development’s (HUD) new Neighborhood Stabilization Program has awarded $26 million to help stabilize neighborhoods hit hard by foreclosures. The winners are Pontiac ($3.5 million), Southfield ($3.2 million) and Waterford (a little more than $2 million). Oakland County received almost $17.4 million.

That money is meant to help local communities acquire and redevelop foreclosed properties in danger of becoming (or remaining) blight. Some of the money can be used to raze structures redevelop vacant properties.

Twenty-five percent (at least) of that money must be used to buy and redevelop buildings into housing for families with incomes that are less than 50 percent of the neighborhood's median income. Homes put back on the market must be listed at 20 percent under the current market value and can only be sold to people who will use them as their primary residences.

Oakland County Community & Home Improvement division will release guidelines and application procedures in the near future. For information, click here or call (248) 858-0493.

Source: Oakland County Economic Development & Community Affairs
Writer: Jon Zemke

Oakland County , Redevelopment

Pontiac