Remember that mortgage relief bill that Rep. Peter Roskam voted against because, as he so eloquently put it, he didn't want Gov. Rod Blagojevich to be our landlord? As we noted, the position was bunk: the governor will have very little control over how the funds promised to Illinois cities and municipalities will be used. And while the details are still being ironed out, the Christian Science Monitor highlights a few of the projects local legislators are planning to enact once given their share of the promised $4 billion. Turns out, many of them sound pretty darn helpful.
Among the ideas forming: Baltimore intends to use some funds to gain control of the inventory of foreclosed homes within it's borders, Cleveland may demolish houses in blighted areas and then plan neighborhoods more thoughtfully, and Trenton, NJ officials want to rehabilitate abandoned lots and restore copper wiring that's has been stolen:
States and cities consider the funding a key to blunting the effect of foreclosures, seen in abandoned properties, inadequate rental housing, and deteriorating neighborhoods. For many locales, it will add leverage to their own efforts. Some community activists hope the money will also help to moderate home-price declines.
"For many communities impacted by homes already foreclosed on, this was viewed as the linchpin to turn the tide around," says David Berenbaum, executive vice president of the National Community Reinvestment Coalition in Washington. "It will augment state, private, and partnership funds."
There's no word yet on how much of the total appropriation will be sent to Illinois.











