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.