Bank Owned
Aid for Areas with High Levels of Bank Owned Homes Missed Indiana Cities
Several cities and counties in Indiana continue to suffer from high supplies of
bank owned homes
and escalating foreclosure activities. However, only one of the state’s cities qualified for the second round of the U.S. federal government financing aid aimed at helping neighborhoods mired in the
foreclosure crisis
.
The number of
repo homes Indianapolis
and foreclosed dwellings in other local markets of the state remained high for most of 2010. That is why most of the state’s local communities qualified for the first round of government financing under the Neighborhood Stabilization Program (NSP). A lot of Indiana’s local areas are already assured of their shares in the third round of NSP financing, but most of the counties and cities in the region will miss out on the second round of funds.
One of the cities that will not receive funding for the second round is Muncie. Although the city got $2 million during the first NSP round and will take home an additional $1.1 million come the third financing round, the city is not on the list of communities for the second round. The primary reason, according to local officials, is that the city did not even apply. They explained that the metro area is already having difficulties administering the first round of funding to neighborhoods suffering from huge supplies of bank owned homes and
foreclosed properties
.
They added that for the first funding, selection of recipients were based on need, with most Indiana areas qualifying due to the high supplies of bank foreclosures and
repo homes
Indianapolis in the state. However, recipients for the second round were chosen based on how innovative applicants’ methods were in terms of using the funds. Officials have added that the notice for application was issued on the fourth of May, with the deadline scheduled on July 17.
They stated that most Indiana communities already have deadlines related to alleviating the problems of foreclosures and bank owned homes and most were unable to meet the second round schedule. They added that competition for the second round was really tight, with only 56 recipients chosen out of the 482 areas that applied.
Original post:
http://www.foreclosuredatabank.com/foreclosures-blog/article/2476/high-levels-bank-owned-homes-indiana-cities
on ForeclosureDataBank.com, your source of foreclosures.
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