A couple of years ago, the neighborhoods in Leoni Township were well-occupied with nice and respectable families. Unfortunately, the foreclosure mess changed all these and left them with streets lined with abandoned and dilapidated bank and government foreclosure.
With Michigan having one of the highest foreclosure rates in the nation, the situation in the said town is not an isolated case. Looking at the state’s housing market today, you will not be surprised with the large inventory of Michigan foreclosure homes, including foreclosed homes in Pontiac MI.
It is clear that Leoni Township needs all the help it could get. The local government has decided to tap the $1.1 million the federal government has earmarked for use to combat foreclosure in general and declining home values in particular.
Although the said budget may seem large, the many projects and plans will most likely stretch the funds to its limits. Among the said plans, it's expected that they will also buy foreclosures, at least 11 of them. Two of the houses will be demolished and built from scratch while the other nine will be renovated. Once the properties have been sold, the local government hopes that the profit from the sale will be enough to start work on, at the most, three more properties.
The said plans are just part of the housing programs already in place like weatherization, which will impact the area considerably. Local authorities are also looking into grant applications to fund more home renovations.
Although the local government would like to help distressed homeowners, the federal funding can only be used for home renovations of bank and government foreclosure or help low-income families own one of the renovated houses.
The County Board of commissioners chose Leoni Township because of its large number of bank and government foreclosure. Summit and Blackman townships were also considered as recipients of the funds.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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