Low and moderate income communities around the state at high risk for home foreclosures will soon get more than $153 million dollars from the federal government. Seventy five-million dollars will go directly from HUD to the state’s largest metro areas. The money … part of the federal Housing and Economic Recovery Act of 2008, signed by President Bush earlier this summer … will come in two grants.
Brian Williamson is with Georgia Department of Community Affairs.
“The funds can be used for the purchase and redevelopment of foreclosed and abandoned homes, many of which are in a deteriorated or perhaps blighted situation by being abandoned or vacant for a number of months.”DeKalb County has the state’s highest foreclosure rate at 6 1/2 percent. DeKalb will get the largest grant at $18.5 million dollars. The balance of the $153 million will be disbursed by the state, in a plan yet to be approved by federal officials.
