The Treasury Department has changed the rules on the Hardest Hit Fund, a program meant to help people hit by the housing crisis stay in their homes, allowing states to use some money from the $7.6 billion foreclosure prevention program to demolish homes instead. ... Michigan and Ohio have changed their contracts with the Treasury Department so they can use foreclosure prevention funds for home demolition. Michigan has diverted a $100 million into demolition. That’s a fifth of its money from the Hardest Hit program, part of the Troubled Asset Relief Program, or TARP. The money will be used to tear down 7,000 vacant homes. ... But demolition wasn’t the intent of the Hardest Hit program, says housing activist Bruce Marks of the Neighborhood Assistance Corporation of America. “It is a matter of priorities,” he says. “And the first priority is to save the many tens of thousands, hundreds of thousands of homeowners who want to keep their homes, who want to stay in their homes, who do not want to be foreclosed on and to be forced out.”
Posted on: Thu, 05 Sep 2013 00:39:46 +0000
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