Royal Oak is making a grab at $1 million to help stabilize its neighborhoods in the wake of the mortgage crisis.
Federal and state officials recently let Royal Oak leaders know that the city is eligible for up to $1 million in federal funds meant to help stem the tide of blight caused by foreclosures. City officials are now officially applying for those grants.
The money is meant to help city officials acquire, renovate, raze or sell foreclosed homes. The idea is to help stabilize these properties before their blight causes home values in the neighborhood to slide.
Several other communities in Oakland County are taking advantage of similar funds through both the feds and federal money filtered through the county. Southfield, Hazel Park and Pontiac are receiving the largest chunks of that pie worth millions of dollars.
Source: City of Royal Oak
Writer: Jon Zemke