Local governments across Michigan are crafting a number of programs to spend $263 million in federal funds designed to help bring down the number of foreclosed, abandoned, and blighted homes.

The money comes from the federal Neighborhood Stabilization Program and allows governments to provide cash for down payments and closing costs to homeowners purchasing foreclosed or neglected houses, provide cash to rehab blighted houses, offer rent-to-own programs, interest-free loans or loans that will be forgiven after five years if the buyer occupies the home, and funds to buy and demolish blighted houses.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.