Lynn gets $300G to buy, rehab foreclosed homes

LYNN – Following up on the $700,000 it received last year, Lynn has been awarded another $300,000 in federal funds to purchase and rehabilitate foreclosed properties and fill them with renters or home owners.The latest boost to address rampant foreclosures and neighborhood downgrades was unveiled by Gov. Deval Patrick who helped steer the $5.1 million to Lynn, Framingham, Leominster, Marlboro and Worcester.”Foreclosed and vacant properties lessen the quality of life for entire neighborhoods,” said Patrick. “This influx of additional funds to those communities will enhance the good work they are already doing to revitalize neighborhoods and create new affordable housing opportunities for hard-working individuals and families who earn modest wages.”Lt. Gov. Timothy Murray, chairman of the Interagency Council on Housing and Homelessness, said the additional funds “will substantially assist those communities as they restore and rehabilitate properties left blighted due to foreclosure.”By revitalizing these properties, the communities will be further investing in their affordable housing stock while also supporting individuals, families, and community development in Massachusetts, he said.The funds come from the U.S. Department of Housing and Urban Development’s Neighborhood Stabilization Program.”This funding will be used to rehabilitate certain foreclosed properties which will in turn help stabilize neighborhoods across Lynn,” said state Sen. Thomas McGee. “I’m pleased the administration has recognized the serious foreclosure problem in the city. These improvements will help attract new renters and homeowners to previously blighted properties.”Rep. Robert Fennell, a member of the Lynn delegation, echoed McGee’s remarks. “Rehabilitating foreclosed and abandoned properties will not only rid our neighborhoods of certain eyesores, and raise property values but will also address major public safety issues these properties pose, including fire hazards and gang activity,” he said. “This funding is vital in the efforts to stabilize our community and eliminate these breeding grounds for crime.”Funded through the Housing Economic Recovery Act, the initiative is part of $43.4 million that was initially awarded to Massachusetts in 2009. The plan is implemented in Massachusetts by the state Department of Housing and Community Development and funds can be used by municipalities, and by for-profit and non-profit developers to purchase abandoned, vacant, or foreclosed properties at a discount and to rehabilitate or redevelop them in order to respond to rising foreclosures and falling home values.U.S. Rep. John F. Tierney, a Salem Democrat, said the Lynn Housing Authority and Neighborhood Development has aggressively attempted to revitalize neighborhoods hardest hit by foreclosures. “This particular award will not only improve the quality of life in the city’s neighborhoods, it will also help create much needed affordable rental housing units for Lynn families,” the congressman said.Marlborough will receive an additional $500,000, supplementing the $400,000 received last year. Framingham received $500,000 to add to the $700,000 from 2009. Worcester received $700,000 to demolish a former factory at 95 Grand St. with plans to transform it into a mixed-use development, as well as another $1.3 million to redevelop 5 May St. for very low-income rentals. Worcester originally received $2.3 million in 2009.Leominster will receive $1.3 million through the Twin Cities CDC to acquire and demolish a portion of the Whitney Building and transform it into 40 new housing units affordable to very low-income residents. Leominster did not receive NSP funding in the original awards of 2009.