$60 million in federal funds for Minnesota and the foreclosure crisis
With Wall Street and the federal bail out, it is good to see the federal government allocating funds to deal with the foreclosure crisis here in the Twin Cities. It is estimated that Minnesota will have 28,000 foreclosures by year's end. This new federal funding should find its way down to local community development corporations who have a stake in the neighborhoods where they work. Some blocks in the Twin Cities suffer from the lack of upkeep (broken window syndrome) since so many foreclosed properties are now owned by banks.
Hopefully with these funds Minnesota and the Twin Cities can find new and create waves to land bank and provide affordable housing for those in need. While these funds are not directed to foreclosure prevention, it is critical that we use this opportunity to further the supply of affordable and supportive housing through out the Twin Cities. If these funds are used correctly, by establishing new local programs, some former owners might just find themselves back on the road to homeownership once again.
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