The Neighborhood Stabilization Program is helping communities clean up their block when it comes to foreclosures by either fixing up or selling those vacant homes.
Excerpt:
Guildy is among dozens of lower- and middle-income residents in metro Detroit taking advantage of the Neighborhood Stabilization Program, a federal initiative designed to clean up blight that can drag down property values.
Six months into the program, communities across the state are beginning to revitalize neighborhoods decimated by record home foreclosures with a combined $263 million in federal money.
The idea is to give communities money to fix up homes and sell them at reduced prices, while offering lower- and moderate-income residents cash for down payments and closing costs.
The program has been so popular that most communities are no longer taking applications for prospective homeowners.
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