By Susan Bromley
Staff Writer
Ortonville- Village officials recently learned they have been tentatively approved for a grant of nearly half a million dollars to address abandoned and foreclosed homes within the village limits.
The federal grant comes through the Neighborhood Stabilization Program, established in October. Oakland County applied for $1,788,377 and assigned values to various municipalities based on the number of foreclosures and likely foreclosures within each community. Ortonville was allotted $491,932.92, said Village Manager Ed Coy, who does not know the number of foreclosures here.
Coy said the village can use the grant money in three different ways? tearing down homes that are beyond repair; rehabilitating homes; and offering assistance to potential buyers that income qualify.
A few homes in the village would likely be torn down, Coy said, while other foreclosed homes would be purchased from the bank by the village and then renovated and sold after meeting certain criteria.
‘First of all, the home has to be rehabitable, and it has to be done within the budget we have,? he said. ‘It has to be saleable and we have to put income-qualified people in there. Assisting potential buyers could mean helping with their down payment.?
The village will contract out for bids, pay for all work up front and will then be reimbursed with grant money. The village is hiring someone to handle administration of the program and the village staff will write a plan regarding the program to be approved by council and the hired administrator, said Coy.
‘I think the village residents will like the results,? he said. ‘Some of the homes not in good shape can be fixed up and we can get people moved in so they’re not vacant. It will help property values in the area around that home to maintain neighbors? home values and will get rid of some homes that need to be razed, if there are any.
‘Also, it will help some people that are at edge of being able to afford a home of their own. If they income and credit qualify, they can possibly become homeowners.?
Coy expects the grant to be finalized in about two weeks.