Michigan gets $263.6 million for housing crisis

Michigan Foreclosure & Real Estate News

After Florida and California, Michigan has received the nation's third-highest allocation of federal funds for local governments to buy and rehabilitate foreclosed properties.

U.S. Department of Housing and Urban Development officials in Washington announced Tuesday that Michigan will get about $263.6 million. That includes $98.6 million allocated for use statewide, as well as money for 22 cities and counties, including Wayne, Oakland and Macomb.

The money can be used to buy empty foreclosed homes for rehabilitation or to demolish or rehabilitate abandoned properties, U.S. Rep. Sander Levin, D-Royal Oak, said in a statement Tuesday.

The money can be spent on down-payment assistance for low- to moderate-income home buyers, or to create land banks to manage vacant land, said Levin, who pushed expanding community block grants for foreclosure aid.

By Bill Laitner

 

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