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City, County Get Millions to Help Fight Blight

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The Department of Housing and Urban Development has taken pity on Southern California, awarding LA county $9.5 million in funding, the city of LA $9.87 million, Long Beach $1.56 million, and the OC $1 million, according to the Daily News. The money is supposed to be used by local officials "to acquire land and property, demolish or rehabilitate abandoned properties and to offer down-payment and closing cost assistance to low- to moderate-income home buyers." HUD also hopes to encourage the purchase of vacant land for redevelopment of blighted and abandoned urban properties and is allowing the money to be used for that purpose. California got a total of $149 million, with LA leading the pack--the grants were awarded on a formula HUD came up with involving the percentage of foreclosures, vacancy levels, sub-prime mortgages, homes in default, and unemployment levels (yeah, we came in first!)--and, unsurprisingly, foreclosure capitals San Bernardino and Riverside counties not far behind. Image of abandoned Pasadena property from waltarrrrr via flickr
· LA, County Get HUD Money to Stabilize Neighborhoods [Daily News]
· HUD Gives State $149M [San Francisco Business Times]