The U.S. Department of Housing and Urban Development, through a new Neighborhood Stabilization Program, granted Oakland County more than $26 million in assistance.Excerpt:
Oakland County and three Oakland County communities hit by a high rate of property foreclosure and delinquencies will receive more than $26 million in assistance from the U.S. Department of Housing and Urban Development’s (HUD) new Neighborhood Stabilization Program (NSP). The NSP will provide targeted emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities.
“In a county hard hit by foreclosures, coupled with a terribly strained budget, these funds are a welcome addition,” Oakland County Executive L. Brooks Patterson said. “Hopefully, we will soon get our hardest pressed residents back in affordable homes.”
The City of Pontiac will receive $3.5 million, Southfield will receive $3.2 million, Waterford will receive more than $2 million and Oakland County will receive almost $17.4 million.
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