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City meets deadline to get federal money for housing projects

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On The Beat Industry News In Brief

The city just met a Sept. 20 deadline for securing $29 million in federal money that will be used to acquire, demolish and rehabilitate foreclosed and abandoned homes.

Work already has begun on some of the projects, spread throughout four Indianapolis neighborhoods that were chosen based on factors such as crime and foreclosure and vacancy rates.

OTB government A boarded-up double near the intersection of Park Avenue and 29th Street is due to be rehabilitated. (IBJ Photo/ Perry Reichanadter)

The city’s money is part of $4 billion that was distributed to communities across the United States in 2008 as a way to address the country’s housing troubles.

Indianapolis must spend its share of the dollars—dubbed the Neighborhood Stabilization Program—by 2013. The recent deadline was the date by which the funds had to be officially assigned to specific projects. Note: It could happen but it’s desirable to find funding

Not-for-profit and for-profit developers are handling the rehabilitation projects. In recent months, some of the groups had been struggling to leverage their federal funds with private dollars because of the scarcity of loans in the tough economy.

But in recent weeks, groups such as The Children’s Museum of Indianapolis, Local Initiatives Support Corp., Clarian Health and Citizens Energy Group have stepped up to assist the not-for-profit developers, said Bill Taft, executive director of LISC.

Interest in the projects among traditional lenders such as banks also has increased.•

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  1. I still don't understand how the FBI had any right whatsoever to investigate this elderly collector. Before the Antiquities Act it was completely legal to buy, trade or collect Native American artifacts. I used to see arrow heads, axes, bowls, corn grinders at antique shops and flea markets for sale and I bought them myself. But that was in the late 60's and early 70's. And I now know that people used to steal items from sites and sell them. I understand that is illegal. But we used to find arrow heads and even a corn grinder in our back yard when I was a child. And I still have those items today in my small collection.

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