HUD money to aid foreclosure crisis
The Dispatch wrote HUD money to aid foreclosure crisis
Tuesday, September 30, 2008
By Robert Vitale
Columbus will get more than $22.8 million from a federal program that will help cities deal with foreclosures. The U.S. Department of Housing and Urban Development will send money to 22 Ohio cities and counties that have high rates of foreclosure, mortgage delinquency and the subprime lending agreements that caused the crisis. It’s part of $3.92 billion approved by Congress for cities, counties and states in a nationwide housing-rescue package signed into law by President Bush in July.
Rita Parise, the city’s housing administrator, told City Council members last night that the money can be used to buy, renovate or demolish vacant homes, much as Columbus has been doing with its own money since 2006.