Release Date: Sep 29, 2008
File:

Summary:
On Friday, September 26, 2008, Montgomery County learned it will receive $5,988,000 from the United States Department of Housing and Urban Development.

The funding is part of HUD's new "Neighborhood Stabilization Program" and provides emergency assistance to state and local governments affected by foreclosures and declining property values.

Montgomery County's foreclosure rate is 6.5%. 

With this money, Montgomery County can:
-  Purchase and rehabilitate foreclosed homes to sell, rent or redevelop.
-  Establish land banks for foreclosed homes.
-  Demolish blighted structures.
-  Redevelop demolished or vacant properties.

In addition, the City of Dayton is receiving almost $5.6 million from HUD's "Neighborhood Stabilization Program."

The funding is part of nearly $4 billion being allocated by HUD to state and local governments for redevelopment of abandoned and foreclosed homes.