Foreclosed homes listings in Fall River have not been growing as fast as in other cities of Massachusetts because of housing and neighborhood programs carried out by the city.
The city was visited by Housing and Urban Development Secretary Shaun Donovan this week to look at the results of the city's housing programs and how the city has been using federal housing grants.
According to analysts at Warren Group, the city of Fall River has the third highest jobless rate throughout Massachusetts, but the city has been able to contain its effects through its stabilization programs. In September, the city reached the jobless rate of 15.1 percent. Other Massachusetts cities with high jobless rates were Fitchburg, Brockton, Springfield and Lawrence.
Despite the high jobless rate, Fall River posted a lower number of foreclosures in September compared to filings last year. Warren reported a drop of 18 percent in filings.
Secretary Donovan said that he was pleased by a foreclosure report which showed that foreclosure rates in many states have dropped in October. He was also pleased that the pace of foreclosures in Fall River has also declined.
In contrast, the state of Massachusetts posted an increase in foreclosure activity in October, with nearly 900 residential units entering bank foreclosed homes listings during the month. More than 5,400 households across the state received foreclosure actions, marking a foreclosure rate of one out of every 503 residential units in foreclosure.
The foreclosure rate marked an increase of more than 17 percent from the previous month and an increase of more than 49 percent from October last year.
Meanwhile, U.S. Representative Barney Frank, who accompanied Donovan in visiting neighborhoods in Fall River, applauded how Fall River city officials have been using housing grant programs for carrying out infrastructure, housing and job programs to reverse the trend of foreclosures statewide.
Among the community grants received regularly by the city is the yearly Community Development Block Funding of around $3 million. The city distributes this money through local organizations such as Healthfirst, Fall River Office of Economic Development and Community Development and Recreation.
The city also receives an additional grant of $1 million from the national HOME Investment Partnerships scheme for home rehabilitation projects.
Additionally, the city expects to receive funding under the Neighborhood Stabilization Program to finance its program of acquiring and rehabilitating properties in foreclosed homes listings and its plan of demolishing the dilapidated Saint Louis School and the Durfee Tech site.
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