Michigan, Ohio to raze tens of thousands of vacant homes

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