Illinois communities hardest hit by foreclosures will receive another $30 million as part of a third round of neighborhood stabilization grants announced Wednesday by the Obama administration.
The federal government will award about $16 million to  Chicago; $7.8 million to Cook County; approximately $1.4 million to Lake County; and $5 million to the state of Illinois.

Altogether, the  Department of Housing and Urban Development said it would award an additional $1 billion in funding. Almost $6 billion in funding, used to buy foreclosed homes at discounted prices and rehabilitate them, was previously announced.

The latest round of funding will take advantage of the First Look program announced last week, under which lenders that own foreclosed homes will give stabilization program grantees 12 to 14 days to bid on properties before investors and consumers can do so.