Post by Logan on Apr 20, 2016 21:26:10 GMT -6
Ohio wanted $250 million for blight removal and foreclosure prevention. It won't get it. Here's why.
WASHINGTON -- The federal government today plans to award hundreds of millions of dollars to states to prevent mortgage foreclosures and bulldoze blighted homes. Ohio will get a large chunk -- but nowhere near the $250 million it wanted.
An award of about $94 million is more likely, multiple sources in Washington and Ohio say. That will help pay to demolish numerous vacant homes, create green space or new development where ramshackle homes one stood, and help keep current owners in their houses and out of default.
Yet despite this large award, the state would have received more had it handled its application for the full $250 million differently.
Why?
We thought you'd never ask.
Read more: www.cleveland.com/open/index.ssf/2016/04/ohio_wanted_250_million_for_bl.html
WASHINGTON -- The federal government today plans to award hundreds of millions of dollars to states to prevent mortgage foreclosures and bulldoze blighted homes. Ohio will get a large chunk -- but nowhere near the $250 million it wanted.
An award of about $94 million is more likely, multiple sources in Washington and Ohio say. That will help pay to demolish numerous vacant homes, create green space or new development where ramshackle homes one stood, and help keep current owners in their houses and out of default.
Yet despite this large award, the state would have received more had it handled its application for the full $250 million differently.
Why?
We thought you'd never ask.
Read more: www.cleveland.com/open/index.ssf/2016/04/ohio_wanted_250_million_for_bl.html