Treasury Dept. Spends Another $2B On Housing Recovery

Eric Scheiner | February 19, 2016 | 3:04pm EST
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The U.S. Department of Treasury announced Friday that it will spend an additional $2 billion on neighborhoods and homeowners to help them "recover from the finacial crisis."

"Today's announcement is the next step in the Administration's effort to help struggling homeowners recover from the financial crisis, and strengthen the housing recovery," Treasury Secretary Jacob J. Lew said.

According to MLive, the announcement comes less than two months after five Michigan cities finished about $133 million in work to demolish vacant homes.

A young man walks in front of a row of abandoned houses in Detroit in 2013. AP Photo/Carlos Osorio.

Michigan is eligible for up to $324 million in additional grants from its "Hardest Hit Fund."

The money is part of the first $1 billion being dispersed to Michigan and 17 other states.

According to a Treasury Department press release, "The Hardest Hit Fund was created in 2010 to provide $7.6 billion in targeted aid to 18 states and the District of Columbia deemed hardest hit by the economic and housing market downturn."

As of the end of the third quarter of 2015, HHF has "disbursed approximately $4.5 billion of the $7.6 billion obligated to the program."

Housing authorities will have until March 11, to apply for the second round of  $1 billion in funding to be awarded later.

h/t MLive

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