Community Development Block Grant Paper

Both residential and industrial vacant properties contribute to the number of idling space and unnecessary expenditure, which contribute to a real or perceived environmental contamination to its neighbors and community.
As long as a property remains vacant, the greater its impact on surrounding properties and communities in a larger radius effect. Vacant properties and neighborhood blight are more than just an indication of greater financial forces at work in the community. For their association can result to amplified risk to health and welfare, reduce property values, contribute to public regression and disinvestment, higher insurance premiums for homeowners and renters, higher crimes, and decrease tax revenue for its citizen’s much needed …show more content…
Therefore, local governments bear administrative and judicial costs of maintaining and demolishing vacant properties costs as well. According to federal research that examined several foreclosed home within a neighborhood can depress the prices of nearby properties from 0.9 percent to up to 8.7 percent. Lastly, property tax revenue had declined between 6 percent and 8 percent in recent years.Local government face various challenges from inadequate finance and other capitals, which is essential toward undertaking a huge scale of the problems by the extensive regressions in property tax revenues and housing market values from vacant property and neighborhood blight. A Community Development Block Grant (CDBG) Program is one key toward funding source for an extensive range of undertakings that is directed toward neighborhood revitalization, economic development, and community services, including rehabilitation assistance, code enforcement, clearance, demolition, and removal of buildings. Therefore, localities should engaged in various strategies to try to reduce the costs and other negative impacts that vacant properties and neighborhood blight create in the communities. Hence,