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Loading ...The Federal government, very recently, announced that the area of Charlotte will be getting federal grants. This grant is a move to help the residents that have been affected in the worst way by the Charlotte foreclosures.
Who will give the grant?
The U.S. Department of Housing and Urban Development will be giving a total of $52.1 million to Charlotte, North Carolina. This money will be given under the new federal Neighborhood Stabilization Program.
The North Carolina grants will be administered by the state’s Commerce Department. It will be done through its Division of Community Assistance (DCA). The DCA will use the Five percent of the total amount to implement as well as monitor the program.
Who all will get it?
The city of Charlotte as well as the Charlotte Housing Authority has been selected for grants. This selection means that they will receive an approximate of $2 million each.
Three agencies – the Self-Help Credit Union, the N.C. Community Development Initiative and the N.C. Housing Finance Agency will also be getting these grants. They will be given $2.5 million, $3.5 million and $4 million respectively.
Why has this grant been made available?
The government feels that the foreclosures are hurting the homeowners, their families as well as the communities where they live. These federal funds are to be given to some of the communities that have been affected by the housing crisis in the most severe manner.
How will it be used?
The Charlotte city authorities have announced that they will be using the grant mainly as a sort of assistance in making down payments. Again, they will be using the grant money for housing rehabilitation in those areas that have a really high foreclosure rates. These plans will help an approximate of 100 low- to middle-income families.
The Charlotte Housing Authority on the other hand will be using the money to increase the number of available units for families, who make less than 30 percent of the median income. It will simply target the multi-family properties, so as to stabilize the high-foreclosure communities. Again, the authority has plans to focus on the creation of the various rental opportunities. It is meant to be a part of the multi-family redevelopment effort by the authority to counter the effect of the Charlotte foreclosure properties.
