Massachusetts Attorney General Martha Coakley rolled out a $1 million grant program to restore bank-owned properties leftover from the housing bust to eventually shift them back to the marketplace.
Coakley’s office is calling the initiative the Distressed Properties Indentification and Revitalization Grant (DPIR) program and says the idea is to identify foreclosures that are bringing down neighborhoods and revamp them to help cities and communities.
The program is a collaboration of state registries of deeds and the Massachusetts AG’s office.
"Communities with high rates of distressed properties are encouraged to utilize this grant to help return homes to acceptable standards and encourage owners to place them back on the market," Coakley said.
"Our extensive grant opportunities are designed to mitigate the impacts of the foreclosure crisis throughout the Commonwealth, and it’s our goal to provide this direct relief to municipalities in need."
The program is offering DPIR grants up to $1 million. It is funded by foreclosure settlement funds from the national mortgage servicing settlement.
Applicants rewarded funding will work with a register of deeds and municipal authorities to identify distressed homes and develop strategies for their rehabilitation and eventual use.
To qualify, a municipality must have high rates of distressed properties.