The US Housing and Development has awarded Maryland $6.8 Million to help stop foreclosures as part of the Neighborhood Stabilization Program.

Areas receiving awards are allowed to use the money to buy land and property to either rehabilitate or knock down houses, and also to offer downpayment and closing cost assistance programs to low-to-moderate income homebuyers in the areas.

The Baltimore Business Journal reports that $1.8 Million is directed to Price George’s County, while the rest of Maryland will receive $5 Million.

I am hoping that a large portion will be directed to Baltimore homebuyers, where foreclosures have risen so highly, and neighborhood values hurt in many places.

The focus from HUD is that

“These grants will support local efforts to reverse the effects these foreclosed properties have on their surrounding neighborhoods,” said HUD Secretary Shaun Donovan, in a press release. “We want to make certain that we target these funds to those places with especially high foreclosure activity so we can help turn the tide in our battle against abandonment and blight.”
I look forward to seeing how grants are given in Baltimore and hope to see it help revitalize Baltimore neighborhoods hit hard by foreclosures, and hopefully raise Baltimore house values.