Indianapolis — The state of Indiana and several of its communities hard-hit by home foreclosures are getting $31.5 million in federal grants to stabilize blighted neighborhoods.
The funding announced Wednesday is part of $1 billion going out nationwide to distressed neighborhoods plagued by the foreclosure crisis sparked by risky subprime loans.
Officials can use the funding to buy, redevelop or demolish abandoned properties.
State officials are getting $8.2 million of Indiana’s $31.5 million share, followed by Indianapolis’ $8 million and Gary’s $2.7 million.
The cities of Anderson, Elkhart, Fort Wayne, Hammond, Kokomo, Muncie and South Bend will share the state’s remaining $12.6 million with Lake and Elkhart counties.
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