LANSING, Mich. – The federal government has approved Michigan's $74.5 million plan to help homeowners statewide avoid foreclosure and eliminate blight in Detroit and Flint.
Gov. Rick Snyder on Monday announced the approval of the Michigan State Housing Development Authority's plan by the U.S. Department of Treasury.
In a statement, Snyder says that the money under the Hardest Hit Fund program will help people stay in their homes and avoid foreclosure "while helping Detroit, Flint and other cities across our state eliminate blight and revitalize neighborhoods."
Michigan is dedicating 75 percent of the money for blight elimination and 25 percent for mortgage assistance. Blight funds will be divided among the state's two cities with the largest number of blighted structures, with Detroit getting $41.9 million and Flint getting $13.9 million.
Michigan has until December 31, 2020 to use all the funds.