The City of Toledo recently received a federal grant of $12.2 million to for the city to buy up or demolish foreclosed properties in a number of neighborhoods that are considered at the tipping point of becoming unappealing to buyers and hard to sell in.

The neighborhoods are East Toledo, Library Village near Close Park, Sleepy Hollow off Dorr Street, and Highland Heights near Burroughs School.

Buyers of these homes will benefit from a 20% mortgage down payment paid by the City of Toledo. They would need to qualify for a conventional loan according to income level, credit rating and probably have some credit counseling through a HUD Housing Counseling Agency. Link here to a list of HUD Housing Counseling Agencies in Toledo…

http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm

The homes aren’t on the market yet, but I will keep you posted about how to find them.