Toledo receives federal money to buy, renovate foreclosed homes
9/15/2010The city of Toledo was awarded more than $3.5 million of federal money from the Department of Housing and Urban Development to purchase and renovate foreclosed homes.
The grant is part of the third round of funding for the Neighborhood Stabilization Program and was allocated as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, said Jen Sorgenfrei, Mayor Mike Bell's spokesman.
Toledo's award was the third highest allocation among Ohio cities and counties — higher than Cincinnati's $3.1 million award.
About 250 cities and counties nationwide received allocations. Toledo's allocation placed the city in the top 50 nationwide.
Ms. Sorgenfrei said the money would be used to fight the blighting effects of the foreclosure crisis.
"The money will be used locally to acquire and rehabilitate foreclosed homes in order to make them saleable once again," she said. "The funding can also be used to provide qualifying homebuyers with down payment assistance."
Toledo has received $25.8 million since 2008 from HUD for the Neighborhood Stabilization Program.