WASHINGTON, D.C. (WKZO-AM) — U.S. Sens. Gary Peters and Debbie Stabenow are applauding a $2 billion increase in the federal “Hardest Hit Fund” for urban blight removal and community revitalization.
Property values in Detroit neighborhoods have jumped a quarter because of work made possible by the fund, but Peters says the entire state will benefit.
“These are urban areas all across the state of Michigan that are now going to have additional funding available for being involved in what is an absolutely critical economic development tool,” Peters said.
Stabenow said Michigan should also get a sizeable piece of the federal pie.
“In the past, about half of what has been spent has gone to Michigan and Ohio,” Stabenow said.
The Department of Treasury is funding the increase by reallocating a surplus from another, less-utilized housing fund.
– Anthony Pollreisz
