The state Department of Housing and Community Development (DHCD) has submitted plans to distribute $43.4 million to help Massachusetts communities stabilize neighborhoods hit hard by foreclosures.

The funds are part of an overall award to Massachusetts of $54.8 million and a nationwide $3.92 billion program announced in September by the U.S. Dept. of Housing and Urban Development for communities to acquire and redevelop foreclosed properties.
 
"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 Patrick said in a statement.
 
Funding comes from HUD under the Housing and Economic Recovery Act of 2008, legislation Congressman Barney Frank, D-MA, helped lead through Congress. The funds will be used to purchase foreclosed homes at a discount and to rehabilitate or redevelop them in order to respond to rising foreclosures and falling home values. 

Following criteria developed by HUD, the Patrick administration has identified neighborhoods within 39 communities as areas hardest hit by foreclosure and most in need of financial assistance, including Boston ($4.23 million), Brockton ($2.15 million), Springfield ($2.57 million) and Worcester ($2.39 million).