Over the last year foreclosed and vacant properties have catapulted themselves into the forefront of major issues for Americans. Here in Michigan, the federal government has granted a number of cities a good chunk of change to try and solve the issue, and people on the front lines are optimistic.
Excerpt:
Waterford, which received a $2-million allocation, plans to use the money to help people with down payment assistance and closing costs.
It is one of several communities that have received allocations separate from Oakland, Wayne, and Macomb counties. Most programs are set up to assist low- and moderate-income individuals to purchase and rehab the foreclosed homes and are accepting applications now.
The Wayne County and Detroit programs differ in that they are looking for proposals from developers and nonprofit groups.
In Waterford, 71% of its funds will go to down payment assistance to help roughly 100 families purchase homes, said Bob Vallina, director of the township's community planning and development department.
The rest will go toward acquiring and demolishing derelict homes.
"The $2 million only addresses one-eighth of the problem here," Vallina said. "I am very appreciative of the resources to do something."
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