HUD just announced a $50 Million program to provide local municipalities with funding to rehab damaged foreclosed homes in their areas. This will allow the local cities assistance to avoid these homes' further deterioration. This program will help avoid urban blight. HUD, as part of the plan, will also send experts on rehab into local communities in order to help the local rehab program gain the best benefit for its program.
The largest share of the national funding – $26.2 million – will go to three groups: ICF Incorporated, Enterprise Community Partners and the National Council for Community Development. The local grants will be distributed in $500,000 and $750,000 increments to groups in 10 states.
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