The federal government is giving Tennessee more than 72-million dollars to address the problem of houses left empty by foreclosures.
In the last quarter, Tennessee’s foreclosure rate jumped to one in every 220 households. That’s more than 95% higher than in the same period last year.
Tim Bolding says the wave of foreclosures leaves behind unoccupied structures that attract squatters and looters. Bolding sits on the grants committee of Tennessee Housing and Development Agency, which is charged with distributing the Neighborhood Stabilization funds.
“That’s gonna give the non-profits and the local governments the ability to acquire these houses in targeted areas, put them back into service, and keep them-or prevent them-from becoming problems in their neighborhoods.”
The largest share of the Neighborhood Stabilization Program funds-more than 13-million dollars-have been earmarked for Memphis and Shelby County. Metro Nashville will get the second-highest amount–just over 4 million.
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