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Funds Issued to Battle High Number of Foreclosures and VA Homes for Sale

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By : John Cutts    99 or more times read
Local communities in Indiana are set to benefit from the third round of financing from the U.S. Department of Housing and Urban Development (HUD) under the Neighborhood Stabilization Program (NSP). Areas suffering from huge supplies of foreclosed VA homes for sale and bank foreclosures will soon be receiving their share of the $31.5 million earmarked for the state.

Among the neighborhoods that will benefit from the third round of funds are neighborhoods suffering from the impact of foreclosed homes in Indianapolis, IN as the city is set to receive $8 million. Gary, on the other hand, will get $2.7 million, while several cities will share the $12.6 million that will remain after over $8 million are given to the state's officials.

Other local governments that will benefit from the funds designed to battle blight caused by thousands of foreclosed homes in Indiana are Elkhart, Muncie, South Bend, Anderson, Fort Wayne, Kokomo, Hammond, Elkhart County and Lake County. Elkhart will get $1 million, while Elkhart County will receive $1.19 million. South Bend will get $1.7 million.

According to state officials, the funds can be used to purchase VA homes for sale and other foreclosed properties for the purpose of redeveloping them. Or they can be used to demolish empty properties that are too far gone to be redeveloped. States are given some leeway on how they want to use the funds, but the methods still require the approval of the HUD.

Some of the areas that will benefit from the third round of NSP financing have been provided with aid before. Cities like South Bend and Elkhart, which both have a long list of house foreclosures, have received federal dollars before. South Bend was awarded over $4 million two years ago which were used to renovate 10 houses and demolish four more. Multi-unit dwellings were also built in the area after it received its share from the first round of financing.

State officials have expressed optimism that the over $30 million that had been reserved for Indiana will go a long way towards improving the condition of neighborhoods that have greatly suffered from the impact of large number of foreclosed properties, including VA homes for sale and bank foreclosures.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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