>On Friday, September 26 Dayton and Montgomery learned what share they will each receive of the $3.92 billion allocation approved by Congress and the President back in July as part of the Housing and Economic Recovery Act (HR3221). Dayton and Montgomery County will receive separate amounts just under $6 million each bringing almost $12 million into the local community. Dayton's money is for Dayton and the County's for all the other cities and townships. Click here for details from HUD.
How should local leaders spend the money? Here are the options: Funds may be used to establish funding mechanisms for the purchase and redevelopment of foreclosed homes including soft-seconds, loan loss reserves, and shared equity loans for low-and moderate-income homebuyers; purchase and rehabilitate homes and residential properties that have been foreclosed in order to sell, rent, or redevelop such homes and properties; establish land banks for homes that have been foreclosed; demolish blighted structures; and redevelop demolished or vacant property.
In addition to municipalities receiving funds, FHA has also restructured some of its loan products so people can refinance. Another pot of money was also created to offer housing/mortgage/debt counseling and Dayton's Homeownership Center will likely receive money from that pot.
What are your thoughts? How would you spend the money?
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