Sunday, January 17, 2010

Arizona to get more aid for neighborhoods hurt by foreclosures

Arizona will receive another $118 million in funds from the U.S. Department of Housing and Urban Development to help neighborhoods with too many foreclosures.

The money will come in the next few months as part of the federal Neighborhood Stabilization Program.

Phoenix's share of this round of funding will be $60 million. Other recipients are the non-profit Chicanos Por La Causa ($36 million) and Pima County ($22 million).

Funding is awarded based on need. Arizona is one of the states hardest hit by foreclosures. Applications for this round of funding were submitted late last year.

In early 2009, several Valley communities, Maricopa and Pima counties and the Arizona Department of Housing split up $121 million from the first round of funding. Most Arizona programs offer closing and renovation money to first-time homebuyers purchasing empty foreclosure houses.

More of the latest round of funding will go toward fixing up foreclosure homes to make them affordable rentals.

"This additional $2 billion in funding will help stabilize hard-hit communities," HUD Secretary Shaun Donovan said, discussing the new round of funds.

Real Estate News

HootSuite - Social Media Dashboard