Following the $25 billion settlement reached in March with mortgage servicers, Ohio’s attorney general Mike DeWine has begun granting $75 million of Ohio’s $335 million to local governments for demolishing abandoned homes. According to what HousingWire tells MHproNews.com, Ohio’s 10,000 dilapidated homes are pulling down home prices and turning away home buyers. Individual counties’ portion of the proceeds will be based on foreclosure filings between 2008 and 2011. The local governments must match dollar-for-dollar funding for any monies received after the initial $500,000. Commenting on the abandoned homes, DeWine says, “Our new grant program will help free our neighborhoods — urban and rural, alike – from the blight that is paralyzing them.”
(Photo credit: DorNob)
