Federal Money available for Housing
NonProfits could use federal funding to buy Distressed Propeties. The number of foreclosures in Falmouth last year were high enough to qualify the Town of Falmouth on a state list that idenifies it as an at-Risk community and makes it eligible for Federal Funding from the Department of Housing and Urban Development- HUD. Through the Housing and Economic Recovery Act of 2008, the town might be able to turn the table. The bill allocates $43.4 million to the state with the Mass Dept of Housing and Community Development distributing that to the other communities on the foreclosure list.
The money will be made available to non-profits and private entities in Falmouth. In order to receive federal money, those organizations would have to submit competitive bids which DHCD will evaluate to determine whether they should receive funds.