Left In Lowell

A press release from the Patrick administration informs me that some $43.4 million is slated to be distributed to cities and towns for neighborhood stabilization funds to help stave off the effects of foreclosure. This is monies appropriated under the Housing and Economic Recovery Act of 2008, which has Congressman Barney Frank’s fingerprints on it.

From the release:

The funds will be used to purchase foreclosed homes at a discount and to rehabilitate or redevelop them in order to respond to rising foreclosures and falling home values. Following criteria developed by HUD, the Patrick Administration has identified neighborhoods within 39 communities as areas hardest hit by foreclosure and most in need of financial assistance.

Of the $54.8 million allocated to Massachusetts, HUD will directly fund the cities of Boston ($4,230,191), Brockton ($2,152.979), Springfield ($2,566,272) and Worcester ($2,390,858). As the state’s highest need communities, those cities can also apply to the state for up to $9.1 million in additional direct funding. Fitchburg, Haverhill, Lawrence, Lowell, Lynn, New Bedford, Framingham, Barnstable, Plymouth and Marlboro can also apply for $6.8 million direct assistance for eligible projects.

Once the state’s plan for disbursement is approved, funds should be available by February.

This strikes me as one prong of a comprehensive attack on the home foreclosure issue. However, this is not going to prevent more foreclosures or keep people in their homes, which I find very unfortunate. It looks like we will be waiting for January 20th, at a minimum, for the help that Main Street so desperately needs.