The city of Cuyahoga Falls, Ohio has announced that it is eligible to receive $780,000 in federally subsidized money to purchase foreclosed homes and rehabilitate them. The money comes in the form of a grant from the U.S. Housing and Urban Development (HUD). The purpose of the grant is to permit municipalities to purchase foreclosed and abandoned homes.
Under the Ohio Neighborhood Stabilization program, the city will be able to purchase about seven homes and rehabilitate them. Some homes that are considered "blighted" may be torn down. The city will be able to sell or rent homes they've rehabbed at "below market" prices to those who qualify based on income levels. Down payment assistance programs are available to assist those who qualify under the program guidelines.
Cuyahoga Falls has had over 200 homes that were foreclosed on during 2008; of those homes, about 75 were abandoned.
According to a December, 2008 news release from the Ohio Lt. Governor's office: "The award recipients may use these federal funds to improve neighborhoods by purchasing and redeveloping abandoned and foreclosed properties, establishing land banks, and demolishing blighted structures."
Other Summit County communities scheduled to receive grant money include:
Summit City of Akron $2,988,550
Summit City of Barberton $1,212,098
Summit City of Cuyahoga Falls $783,204
More information on the Ohio Neighborhood Stabilization Program can be found by following the link below: