Relevant:
- 72,000 Michigan homeowners may receive payout after deceptive mortgage settlement
- Obama Approves $1.5 Billion Hardest Hit Fund for Foreclosure Prevention
- Ohio launches foreclosure prevention program
- Detroit Unveils Demolition Plan: 10,000 Homes By 2013
- New $3bn Foreclosure Prevention Program Added to Wall Street Reform Bill
2013-09-05 — marketplace.org
``Michigan and Ohio have changed their contracts with the Treasury Department so they can use foreclosure prevention funds for home demolition. Michigan has diverted a $100 million into demolition. That's a fifth of its money from the Hardest Hit program, part of the Troubled Asset Relief Program, or TARP. The money will be used to tear down 7,000 vacant homes.
"Here we were assisting homeowners to stay in their homes, but then, many of these communities had so many blighted properties that homeowners would throw their arms up and say, ‘I'm never gonna get value out of this house, why am I doing this?'" says Mary Townley, director of homeownership at the Michigan State Housing Development Authority.''
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