Saturday, September 27, 2008

Ballard's Abandoned Housing Initiative Gets A Boost

The City of Indianapolis has been awarded a $29 million grant by HUD to deal with the home foreclosure crisis. The money can be used to buy and sell abandoned homes through a land bank, which Mayor Ballard has already established, and to demolish abandoned homes. At least 25% of the money must be targeted to purchasing and redeveloping abandoned and foreclosed homes for people whose income does not exceed 50% of an area's median income. With the city's tight budget, this federal money should be enough to give some real viability to the Mayor's initiative. Let's hope the money is wisely spent.

1 comment:

Flynn said...

"Wisely spent?" Are you kidding me, AI? Ballard's advisor Bob Grand is probably scheming right now as to how he and his law firm, Barnes & Thornburg, can get their hands on some of that money. If Ballard has the cahunas to stop Grand, he hasn't shown them yet.