Mass. targets 4 local cities for foreclosure aid
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PBN FILE PHOTO / RYAN T. CONATY
VACANT PROPERTIES that have been vandalized create not just an eyesore but a danger to local children, contends Providence City Councilor Terrence M. Hassett, shown this summer outside a damaged house in Smith Hill. ( READ MORE)
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BOSTON – Attleboro, Fall River, New Bedford and Taunton are among the 39 communities “hardest hit by foreclosure” slated to receive part of Massachusetts’ $54.8 million in federal neighborhood-stabilization aid.
“These funds will greatly enhance our already aggressive efforts to lift up the neighborhoods across Massachusetts that are struggling with the harmful effects of wholesale foreclosures,” Gov. Deval L. Patrick said late yesterday in unveiling his plan for the block-grant money.
The money is part of $3.92 billion allocated in September by the U.S. Department of Housing and Urban Development (HUD) under the Neighborhood Stabilization Program created by the U.S. Housing and Economic Recovery Act of 2008. (READ MORE) Rhode Island is slated to receive $19.6 million in community development block grants under the program, which is intended to enable cities and towns to acquire and redevelop foreclosed homes, in order to prevent vacant properties from blighting neighborhoods and dragging down property values. (READ MORE)
The Mass. Department of Housing and Community Development (DHCD) “has identified neighborhoods within 39 communities as areas hardest hit by foreclosure and most in need of financial assistance,” in accord with federal criteria for the program, and targeted them to receive $43.4 million of the state’s $54.8 million allotment, the administration said.
Under the plan submitted yesterday to HUD, the state would set aside:
• $18.0 million to be distributed to the state’s “highest-need” communities – Boston, Brockton, Springfield and Worcester – half of it in response to applications for supplemental assistance.
• $6.8 million for another 10 hard-hit communities – New Bedford, Barnstable, Fitchburg, Framingham, Haverhill, Lawrence, Lowell, Lynn, Marlboro and Plymouth – in response to qualified applications.
• $3.4 million for program expenses and technical assistance, including support for a central clearinghouse of lender-owned properties that are available for purchase.
• 15.2 million to be made available to eligible communities, which besides the 14 above include Attleboro, Fall River and Taunton, plus Billerica, Chelsea, Chicopee, Dracut, Everett, Falmouth, Holyoke, Leominster, Marshfield , Methuen, Milford, Peabody, Quincy, Revere, Salem, Saugus, Somerville, Stoughton and Weymouth.
“The Patrick administration has taken a comprehensive, multipronged approach to address the problems associated with foreclosures in our cities and towns,” said DHCD Undersecretary Tina Brooks. “These federal funds will help us continue on that mission to keep communities vibrant, thriving and places of opportunity for all.”
State officials expect to hear by Jan. 15 whether HUD has found its plan acceptable. The federal agency plans to begin disbursing funds in February.
News and information from the Mass. Governor’s Office are available at www.mass.gov.