CARRIER MILLS -- Carrier Mills is one of several communities throughout the state that will receive grant funding for demolition of run-down properties.
According to a news release from the Illinois Housing Development Authority, the village will receive $20,000 to help with community redevelopment.
"Eligible uses for the funds include maintaining weeds and grass, trimming trees and bushes, installing fences to protect the public and repairing or demolishing abandoned property," the news release said.
Demolishing eyesore properties can boost property values, but local governments often lack resources to provide such demolition, according to IHDA Executive Director Audra Hamernik.
"A study conducted in Cleveland found that for every $1 spent on demolition, there was a return of over $13 in value for nearby properties," Hamernik said. "It is imperative we give communities the tools they need to eliminate blight which can provide significant economic, social and safety benefits to the surrounding neighborhood."
This round of funding provided a total of $8.1 million for community stabilization grants to 62 communities statewide. The Abandoned Residential Property Municipality Relief Program, as it's known, was created by the Illinois General Assembly through the Save Our Neighborhoods Act. It is designed to address leftover impact of the 2008 foreclosure crisis, which left many communities in Illinois with abandoned properties.
The program is funded through a filing fee paid by banks and other lenders on a sliding scale, which is based on the number of foreclosures each bank or lender files each year.
Since its beginning, IHDA has given more than $25 million to municipalities for maintenance and/or demolition.