Wisconsin will receive almost $7 million in federal funds for efforts to reduce the neighborhood impact of foreclosed homes, officials said Wednesday.
Nearly $2.7 million of the award is targeted for Milwaukee. The money is intended to help state and local governments acquire, redevelop or demolish foreclosed properties, according to the U.S. Department of Housing and Urban Development.
The money headed to Milwaukee is part of an additional $1 billion in HUD funding nationwide to help deal with the foreclosure crisis. The Neighborhood Stabilization Program money was included in the recently enacted financial system reform legislation, said U.S. Rep Gwen Moore, a Milwaukee Democrat.
“Many of our neighborhoods are still reeling from foreclosures, and the situation may not get better until our economy has fully recovered from this recession. This crucial funding will help the city fix properties and reduce blight in the hardest hit neighborhoods,” Moore said.