Treasury Secretary Lew impressed with Detroit blight removal

[alp227]

Source: Detroit Free Press

U.S. Treasury Secretary Jack Lew said today that he is impressed with Detroit’s blight removal program and would be open to providing additional federal assistance if the state of Michigan and the city of Detroit apply for more funding.

Lew said he toured Detroit’s Marygrove community Thursday, where the first home was torn down under a blight removal program that is partially supported by federal funds.

“What I saw yesterday afternoon and this morning is real evidence that that partnership is working,” Lew said. “We will continue to look for opportunities where we can partner in those kinds of ways.”

The federal funds come from the Hardest Hit Fund, a $7.6-billion Obama administration effort established in 2010 to help the 18 states most hurt by the housing downturn.

Read more: http://www.freep.com/article/20140425/NEWS01/304250092/Jack-Lew-Gary-Peters

[DallasNE]

1. Nobody Will Object To Removing Blighted Property

But let's not forget where a good deal of that money is coming from. It is coming from the pension funds of retired Detroit workers. They may not feel like it is such a good deal.

[OKNancy]

2. are you sure?

Michigan is getting Allocation: $498,605,738

The program for all the states seems to be a Federal program. Here is the info: http://www.treasury.gov/initiatives/financial-stability/TARP-Programs/housing/hhf/Pages/default.aspx

Not saying that the pension fund raid is good! It sucks.

[DallasNE]

3. I Was Making One Assumption

And that was that both Michigan and Detroit would have to come up with some kind of match. The article does not address this either way. But more, I was referencing this statement in the article by the Emergency Manager.

Detroit Emergency Manager Kevyn Orr said during a speech at the American Bankruptcy Institute in Washington, D.C. that city’s Blight Removal Task Force is preparing to soon announce a new strategy for the demolition of thousands of homes.