Two Midwestern states hit hard by the foreclosure crisis will be using some federal funds previously allocated to foreclosure prevention to demolish vacant homes.
Of $500 million portioned out to Michigan as part of the Troubled Asset Relief Program’s Hardest Hit Fund, the state will use $100 million to raze 78,000 vacant and abandoned single-family and multifamily properties in Detroit and four of Michigan’s largest urban communities, Housing Wire reported.
Ohio will use $60 million from its Hardest Hit Fund to tear down 5,000 vacant properties.
Source: WKSU and Housing Wire
