City of Ann Arbor gets $850,000 to redevelop foreclosed properties
The city of Ann Arbor has posted a news release on its Web site announcing it is receiving a grant for $850,000 from the Michigan State Housing Development Authority to fund a Neighborhood Stabilization Program. The program, new under the U.S. Department of Housing and Urban Development, provides targeted emergency assistance to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight, city officials said in the release.
“This funding will help revitalize neighborhoods and entire communities dealing with the negative effects of home foreclosure. Redeveloping these properties will help stabilize home values for all homeowners, which is in the best interest of our communities and local economies” Jennifer Hall, housing manager for the Office of Community Development, said in the release. “The funds will help us address the foreclosure and subprime crises by providing effective tools to protect property and promote affordable housing.”
The Housing and Economic Recovery Act of 2008 directed HUD to target grant funding to areas with the greatest needs based on the extent of foreclosures, subprime mortgages, and mortgage delinquencies and defaults. Green energy standards are being required to increase the efficiency and affordability of the properties. Ann Arbor officials say the city can also use its Neighborhood Stabilization Grant to: • Demolish blighted structures. • Offer down payment and closing cost assistance to low-and moderate-income homebuyers who have household incomes that do not exceed 120 percent of the area's median income. The grant money also is intended to prevent future foreclosures by requiring housing counseling and prohibiting predatory lending practices for families receiving homebuyer assistance with grant funds. Interested homebuyers should contact the Washtenaw County MSU Extension at 734-997-1678 to register for homebuyer education classes.
Check out the county's Web site to find out about help for homeowners facing foreclosure.
Comments
Matt Hampel
Sat, Sep 5, 2009 : 11:48 a.m.
Thanks Amalie! It would be cool if there was some system for recording follow-ups -- maybe just putting a link at the top or bottom of the article.
Matt Hampel
Fri, Sep 4, 2009 : 3:35 p.m.
Was there a follow-up to this story?
Tru2Blu76
Sun, Aug 9, 2009 : 11:39 a.m.
Well - the first candidate for redevelopment should be the soon-to-be-empty Georgetown Mall site on Packard. Kroger, (the last remaining tenant), moves out on Sept. 12th. - Thereafter this collection of buildings will become a physical hazard and visual blight. Worth noting: Indications are that Kroger remains interested in returning to that location - some day. They've kept their lease active (it runs until sometime in 2012). Anything which can be done to swiftly "recover" that property will provide that opportunity to Kroger and will be welcomed by the neighborhood.
Ryan Munson
Sat, Aug 1, 2009 : 3:34 p.m.
One question. If you make less than the median income and you are purchasing a new place, can you make use of both the 10% credit up to 8,000 and also be eligible for assistance through this fund? "Offer down payment and closing cost assistance to low-and moderate-income homebuyers who have household incomes that do not exceed 120 percent of the area's median income."
Anonymous Commentor
Fri, Jul 31, 2009 : 8:43 p.m.
Some more of that stimulus money - great news!!
Sandy Brode
Fri, Jul 31, 2009 : 6:51 p.m.
Hopefully AnnArbor.com and the city will consider "Georgetown" nall as one blight problem unresolved and will post information on what's been happening. An out of town broker has it listed and the city was scheduled to foreclose on this property a year ago! The Georgetown mall area is a nice involved neighborhood who gets no news from either entity mentioned.
Bob Wheaton
Fri, Jul 31, 2009 : 6:27 p.m.
Phil, We were unable to reach city officials today for further details, but we plan to follow up on this story next week.
Phil Dokas
Fri, Jul 31, 2009 : 6:18 p.m.
Any word on specifics of what this money will be used for? Neighborhoods likely to receive focus, addresses, etc.?
Tammy Mayrend
Fri, Jul 31, 2009 : 6:08 p.m.
Doesn't sound like much money to "help", hope it's better than the Cash for Clunkers deal.