ForeclosureAn additional $7.4 million from the U.S. Department of Housing and Urban Development (HUD) has been awarded to Massachusetts communities struggling with foreclosure.

The grants are part of a third round of funding through HUD’s Neighborhood Stabilization Program and will provide targeted emergency assistance to help local communities in Massachusetts acquire, redevelop or demolish foreclosed properties, according to a statement. The Commonwealth of Massachusetts will receive $5 million; Springfield will receive $1.2 million; and Worcester County/Worcester City will get $1.2 million.

"These grants will build on local efforts to reverse the effects these foreclosed properties have on their surrounding neighborhoods," said HUD Secretary Shaun Donovan. "We wanted to make certain that we targeted these funds to those places with especially high foreclosure activity so we can help turn the tide in our battle against abandonment and blight. This investment will reduce blight, bolster neighboring home values, create jobs and produce affordable housing."

Obama Administration Awards $7.4M To Mass. Neighborhoods Hard-Hit By Foreclosure

by Banker & Tradesman time to read: 1 min
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