HUD announced Friday that Kent Count and the city of Grand Rapids Michigan will receive more than 10 million dollars to help acquire and rehabilitate foreclosed homes.
This is a huge! The spill over benefits for buyers, builders, re modelers and the local banking system is untold.
HUD's community Block Grant program is going to get 6.2 million dollars. Kent County will receive 3.9 million dollars.
The program is part of the revitalization efforts to stabilize neighborhoods that have been ravaged by foreclosures. The details and exact requirements are not fully disclosed at this time.
How the bailout could impact this news released by HUD is also not clear at this time. Knowing that Kent County and the city of Grand Rapids is ear marked for these grants should have the community breathing a big sigh of relief.
The grand rapids real estate market is down substantially from last year and the foreclosure sales hovers at 50% of the total monthly sales for residential homes on the Grand Rapids MLS.
The administrate of the funds, who qualifies all have to be made public...which will happen over the next few weeks.
This comes on the heals of the announcement that the State of Michigan is in a depression. Who knew? Everybody but our elected officials apparently!
We need the right elected officials that will help to regulate opportunities for businesses to grow and add jobs in Michigan. We need more than advertising.
For this community and county the grants could not be more welcome or timely.
Thanks for stopping by my Grand Rapids Real Estate blog.
FlexIt Realty is a HUD Authorized Broker. Find out how you can Bid on HUD and Foreclosure Homes for pennies on the dollar! Call or Email for your "Free List of HUD or Foreclosed Property List" Let us know the area or City you would like to see. Call Toll Free: 877-667-4699
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