Brought to you by WBIW News and Network Indiana
Last updated on Thursday, November 13, 2008
(INDIANAPOLIS) - Indianapolis plans to buy up foreclosed properties in 11 neighborhoods with money from a 29-million-dollar federal grant.
The Department of Housing and Urban Development announced in September the city would receive money from a four-billion-dollar program to buy abandoned homes for renovation, demolition, or other means of getting people living there again.
The city has analyzed foreclosure and income statistics to target several neighborhoods between 56th Street and Hanna Avenue considered at the highest risk.
The city will take public comment on those plans until Thanksgiving.
It'll then turn in that draft to HUD, and begin work on a more detailed plan for how and where to spend the money.
Metro Development Director Maury Plambeck says the grant money is expected to arrive early next year.
The city will have a year-and-a-half to spend it.
Also receiving money are the state, Lake And Hamilton Counties, and the cities of Anderson, Muncie, Fort Wayne, South Bend, Gary, Hammond, Evansville, Elkhart and Kokomo.
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