Springfield, Ohio — Federal assistance may be on the way for local communities as high foreclosure rates have led to nearly abandoned neighborhoods and boarded up homes throughout Ohio.
In a press conference Wednesday, June 25, Ohio Sen. Sherrod Brown said he expects legislators to approve the Housing and Economic Recovery Act of 2008, which could provide more than $151 million in neighborhood stabilization projects throughout Ohio. According to estimates from Brown's office, Clark County is slated to receive roughly $1.9 million while Champaign County would receive about $513,000. The amount each place receives would be based on a formula that includes foreclosure rates.
Brown argued that many of the financial problems facing the country now are related to the high foreclosure rates.
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