Latest News 2008 September Cincinnati - $25 Million in Foreclosure Aid Expected

Cincinnati - $25 Million in Foreclosure Aid Expected

According to - Communities throughout Cincinnati, Ohio can expect to receive more that $25 million in federal funding to combat drastic foreclosure rates.  Reports indicate that at least half of the funding will be used to buy and rehab foreclosed properties throughout the city.

The funding comes from and was proposed by the U.S. Department of Housing and Urban Development and is part of the Department's new Neighborhood Stabilization Program.  All money given by the Department must be used within the next 18 months. reports, "Cincinnati Mayor Mark Mallory announced this afternoon that his city will get $8,361,592.  Twelve other Ohio jurisdictions also will get money. The other local amounts: $4.2 million, Butler County; $2.3 million, the city of Hamilton; $7.9 million, Hamilton County; and $2.1 million, Middletown." 

Mayor Mallory is not certain when the money will be received, but says that it should come soon.  He is currently working on creating an effective plan to use funds for community development and for helping low-to-moderate income families fight the foreclosure of their homes. 

Additionally, the communities can use the funds to create land banks or to manage vacant that may be used for redevelopment and leasing. 

Mayor Mallory had this to say about the recent funding, "We are very, very, very excited about what this means for this area... We're certainly happy to see it."  

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