Helping Areas Hit Hard By Foreclosure

Governor Steve Beshear was in Lexington on Monday to talk about financial help for neighborhoods.

The Governor and Lexington Mayor Jim Newberry took part in a news conference at William Wells Brown Elementary School.

Kentucky has received $37 million from the federal government to help areas hit hard by foreclosures.

Gov. Beshear said the emergency assistance, made available from the U.S. Department of Housing and Urban Development (HUD), will help the state and communities such as Lexington acquire and re-develop foreclosed properties that might otherwise become sources of abandonment and blight within their communities.

"Many areas across the commonwealth have been hard hit by the effects of foreclosures and declining property values," Gov. Beshear said. "The intent of the Neighborhood Stabilization Program (NSP) is to put these federal dollars to work cleaning up communities and stabilizing neighborhoods so that they remain a safe place for working families to call home."

Newberry welcomed the Governor to Lexington's east-end neighborhoods, which are experiencing a rebirth fueled in part by an investment of public dollars in housing and other facilities, and by the continuing efforts of agencies like the Lexington Fayette County Urban League and the Lexington-Fayette Urban County Housing Authority.

A broad range of neighborhood stabilization activities have been proposed for the grants, including:

-The repair and sale of foreclosed homes
-Creating more affordable rental housing
-Tearing down abandoned and blighted buildings that lower surrounding property values
-Creating land banks to temporarily manage and dispose of vacant land for the purpose of stabilizing neighborhoods
-Encouraging reuse or redevelopment of urban property.

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