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P.G, Montgomery County Allot Federal Foreclosure Aid

  • April 5th 2010

by Mark Wellborn

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P.G, Montgomery County Allot Federal Foreclosure Aid: Figure 1

The Washington Examiner is reporting that both Montgomery and Prince George’s counties have allotted the majority of federal funds that were provided to aid “foreclosure-ridden neighborhoods” at a rate that far outpaces the national average.

Combined, the two counties received a total of $13 million, with Prince George’s County receiving the brunt ($11 million) of the funds. According to the Examiner, P.G. County has earmarked about 80 percent of the funds while Montgomery County has allotted their entire share. DC also received close to $3 million that has largely been used to aid the foreclosure-plagued neighborhood of Ivy City.

The question that many readers, including this writer, still have is: Where and how will this money be spent and will it be enough to make a dent in some of the areas hardest hit by the foreclosure crisis?

In early January, we wrote about a report released by the website Housing Predictor that forecasted that Prince George’s County would be one of the worst performing markets in 2010. Hopefully this funding will help the county avoid this dubious honor.

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This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/p.g_montgomery_county_allot_federal_foreclosure_aid/1945.

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