U.S. Sen. Sherrod Brown (D-Lorain) announced Friday over $258 million in federal funds slated to come to Ohio to help with the foreclosure problem throughout the state.

The funds have been awarded as a result of the Housing and Economic Recovery Act of 2008, which was signed into law in July 2008.

The announcement comes as the foreclosure problem leaked into credit markets, leading the Bush administration to call for a $700 billion bailout of financial institutions. The bailout is currently being negotiated and debated by Congress.

Brown said that the funds are coming to Ohio to help rebuild neightborhoods "devestated by foreclosure."

"These critical funds will rebuild Ohio neighborhoods," said Brown. "Ohio cities will receive more than $258 million in community development funds. I'm glad the administration came to the conclusion that so many of us reached years ago. Ohio has been hard-hit by the housing crisis, but our cities are prepared to rebuild and revitalize."

The housing bill, for which Brown strongly advocated, included $3.9 billion in funds for neighborhood stabilization funds.

The funds can be used to renovate homes or tear down blighted properties. Brown's office said it is estimated that these funds would more than double in value due to a multiplier effect generated through new jobs and rehabilitated housing.

A breakdown of how much money various areas are recieving follows:

AKRON: $8,583,491.53

BUTLER COUNTY: $4,213,742.24

CANTON: $3,678,562.26

CINCINNATI:  $8,361,592.11

CLEVELAND:  $16,143,120.31

COLUMBUS:  $22,845,495.12

CUYAHOGA COUNTY: $11,212,447.16

DAYTON: $5,582,902.49

ELYRIA: $2,468,214.82

EUCLID: $2,580,464.31

FRANKLIN COUNTY: $5,439,664.15

HAMILTON CITY: $2,385,314.92

HAMILTON COUNTY: $7,970,490.23

LAKE COUNTY: $3,402,858.52

LORAIN: $3,031,480.09

MIDDLETOWN: $2,144,378.51

MONTGOMERY COUNTY: $5,987,999.86

OHIO'S STATE PROGRAM: $116,859,222.63

SPRINGFIELD: $2,270,008.72

STARK COUNTY: $4,181,673.03

SUMMIT COUNTY: $3,767,143.53

TOLEDO: $12,270,705.56

YOUNGSTOWN: $2,708,205.50