City, state get funds to rehab foreclosed properties
Pennsylvania is receiving $59.6 million and Philadelphia will get its own $16.8 million as their shares of the $4 billion Neighborhood Stabilization Program that was part of the Housing Economic and Recovery Act approved in July.
Pennsylvania is receiving $59.6 million and Philadelphia will get its own $16.8 million as their shares of the $4 billion Neighborhood Stabilization Program that was part of the Housing Economic and Recovery Act approved in July.
The funds will be used to buy and redevelop foreclosed properties for resale, thus reducing blight.
Pittsburgh, Allegheny County, Allentown and York County are receiving allocations from $2 million to $5.5 million each.
The allocations, announced yesterday, are based on foreclosure filings over 18 months, Housing and Urban Development Secretary Steve Preston said.
New Jersey gets $51.5 million. Bergen and Union Counties, Jersey City, Newark and Paterson will get $2 million to $3.6 million each.
Most funding will go to high-foreclosure areas, especially California and Florida.
Deborah McCullough, executive director of the Philadelphia Department of Housing and Community Development, hopes to leverage the city's grant with state funds.