Federal money from the recent stimulus package will finally be received in the greater Chicago area but instant results are not expected.  The funds are part of the Housing and Economic Recovery Act which was passed by Congress last July.  $4.6 million dollars will go to Lake County alone to buy and renovate properties that have been foreclosed on.

While the funds were handed over to local officials last week the details of how and where the money will be spent still needs to be determined and the decisions are not expected to be finalized for another six months.  It is admitted that $4.6 million will not buy a large number of homes and therefore the total impact will be minor in comparison to the overall amount of foreclosed properties in the region, at first.  The long term plan is to take the money made from selling repaired properties and use that to buy other foreclosures.  Lake County’s director of planning, building and development told the Daily Herald, “When we get the money back (from a sale), we will plow that money into another foreclosed property.”  The terms of the funding reflect this strategy; the money has to be ear marked within the first 18 months even though it’s a 5 year program.