Lynn Receives $300,000 to Rehab Foreclosed Homes

According to The Daily Item, the City of Lynn will receive an additional $300,000 in federal funds to funds to purchase and rehabilitate foreclosed properties and fill them with renters or home owners.  The funds come from the U.S. Department of Housing and Urban Development's Neighborhood Stabilization Program.

Funded through the Housing Economic Recovery Act, the initiative is part of $43.4 million that was initially awarded to Massachusetts in 2009. The plan is implemented in Massachusetts by the state Department of Housing and Community Development and funds can be used by municipalities, and by for-profit and non-profit developers to purchase abandoned, vacant, or foreclosed properties at a discount and to rehabilitate or redevelop them in order to respond to rising foreclosures and falling home values.

According to state Senator Thomas McGee, “this funding will be used to rehabilitate certain foreclosed properties which will in turn help stabilize neighborhoods across Lynn.”  Lynn received $700,000 in funding last year.

Read the entire The Daily Item article.