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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:

http://www.ohiohome.org/nsp/default.aspx

 
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5 Comments on Cuyahoga Falls to Receive Federal Grant Money to Improve Neighborhoods

FEB
23
2009
107,657 Points Outside Blog

Jon,

That's a great program.  I wonder how many jobs will be created for those who do the rehab work.  Hopefully the money raised from the sale of the rehabbed homes goes towards purchasing additional abandoned homes that will then be rehabbed.  This could potentially have a wonderful domino effect.
9:00am • #1
1,405,821 Points 54 Featured Posts Outside Blog Called Shot Master

Hopefully after the rehab, there will be someone to buy them.
10:44am • #2
FEB
24
2009

Sounds like Cuyahoga Falls was hit hard, 200 foreclosures last year.  Hopefully, this grant money will help out.  It should help stimulate the local economy as Karl mentioned.  Also, it is providing a great opportunity to those who otherwise may not have been able to afford a house. 
7:25am • #3
Localism Sponsor

Jon here in Central Ohio we have been hearing much about the housing woes in your area.  Hopefully this and the other provisions in the housing bill will help all of OHIO.

 
4:21pm • #4
FEB
28
2009
207,923 Points 2 Featured Posts Outside Blog

I have recently heard about the site, factcheck and it is really cool to work through all the politico speak   , thanks for sharing
12:56am • #5

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Jon Wnoroski, Summit County Realtor

Green, OH

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