HUD has awarded $2.5M to Muncie/Kokomo

The Department of Housing and Urban Development announced yesterday that they have awarded $1.5 Million to Muncie and $1 Million to Kokomo.  These Community Development Block Grants will go to rehabilitating affordable housing and public facilities.  Muncie was also awarded a $670,000 Home Investment Partnership Grant to build affordable low income housing. 

This could be a great thing for the REI markets in Muncie and Kokomo.  I would expect that many investors will begin tapping into these markets.  With millions of dollars going to revitalization of low income housing, investors can expect to see a rise in property values.  For a buy and hold investor this could create as much as 10% more equity in their properties.