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Grants to Trim Down Foreclosures on Real Estate Listing

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By : John Cutts    99 or more times read
The Oakland County in Michigan has received a grant to support efforts to trim down the number of foreclosure homes on real estate listing. The almost $17 million multi-year grant has been awarded to the Community and Economic Development Department.

Under the program, the agency will use the grant to help homeowners who are struggling to remain in their houses. The federal stimulus funds are made possible under the American Recovery and Reinvestment Act (ARRA) which was enacted to alleviate the impact of the worldwide economic downturn which started last year.

The Obama Administration believed that the federal funds would help prevent a disastrous financial collapse and restore economic growth. The law appropriated total funding of $787 billion, with nearly one-third allotted for tax cuts to small businesses and individuals. The remaining funds are distributed to various local governments, county and state agencies.

In Michigan, the federal funds were able to help cities, villages, townships and counties. So far, 13 agencies in Michigan have received fund allocation to start several projects, create jobs and develop infrastructure. As of September 30, over $9.3 billion in federal stimulus funds were allocated to Michigan recipients.

On its part, Oakland County received almost $280 million, a portion of which is used on initiatives that will reduce the number of foreclosure properties on real estate listing.

Some Michigan agencies that received shares from the $3.6 billion grant are education with $2.7 billion, $1.6 billion for infrastructure, $1.7 billion for energy projects, $1.06 billion for health care, $626 million for human services, $234 million for work force development, $141 million for public safety and $62 million for projects related to natural resources.

Additionally as much as $150 million has been received by the county for bond authorization. Meanwhile, the county will receive multi-year grants for four years targeting repossession activity.

County officials said that majority of grants are not direct funding but cost reimbursement. The procedure involves the county getting the grants and allocating it to various projects before it could be reimbursed.

Private and public schools across the county have received about $157 million while the Oakland Livingston Human Services Agency received $11.5 million for programs related to home weatherization.

Industry experts said that the federal stimulus funds will go a long in helping various initiatives in Michigan, particularly the effort to reduce the number of foreclosed homes on real estate listing.

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