The City of Toledo has been awarded over $3.5 million in federal funding from the Department of Housing and Urban Development to continue stabilizing and strengthening Toledo neighborhoods that have been hit by the foreclosure crisis.
The grant is part of the third round of funding for the Neighborhood Stabilization Program (NSP) and was allocated as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Toledo’s award was the third highest allocation among Ohio cities and counties, higher than Cincinnati’s allocation ($3.1 million) despite their rank as the third most populous Ohio city. Approximately 250 U.S. cities and counties received NSP III allocations. Toledo’s allocation landed the city in the top 50 nationwide based on amount received.
The money will be used locally to acquire and rehabilitate foreclosed homes in order to make them salable once again. The funding can also be used to provide qualifying homebuyers with down payment assistance.
To date Toledo has received nearly $27 million from HUD for the Neighborhood Stabilization Program. In addition to acquisition and rehabilitation and down payment assistance, the funding has also been used to supplement demolition of qualifying properties that have been identified as detractions to neighborhoods where new development may likely take place.
To date the City has acquired 52 homes for rehabilitation and purchase. An additional 183 vacant residential structures, 12 garages and seven non-residential structures have been demolished as a part of the Neighborhood Stabilization Program.
All NSP activities are completed with the goal of preserving property values and preventing the decline of neighborhoods that have begun to “tip” as a result of the recent economic impact. The City of Toledo Department of Neighborhoods manages the program.
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