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TARP money funding Detroit blight removal
Posted By -NO AUTHOR- On 08/26/2013 @ 6:45 pm In Money,Politics,U.S. | No Comments
(DETROIT NEWS) — Detroit — Gov. Rick Snyder joined city and congressional officials Monday to kick off what was described as the largest residential blight removal in state history, using part of $52 million in federal aid to start tearing down five abandoned homes on the city’s west side.
Authorities worked with the U.S. Department of Treasury to free up $100 million unused federal Troubled Asset Relief Program funds targeted for foreclosure prevention to use for blight removal in five cities, including Grand Rapids and Flint. Excavation claws began early Monday afternoon tearing into the five houses on the 16100 block of Turner near the University of Detroit Mercy campus.
Snyder, Democratic Congressman John Dingell of Dearborn and Detroit City Council President Saunteel Jenkins said further aid is needed to clean up dilapidated structures, but the repurposing of $52.3 million in TARP money for Detroit is a good start.
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