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AZ getting more federal funds to fight foreclosure

by Associated Press (September 8th, 2010 @ 4:26pm)

PHOENIX - The federal government is giving Arizona an additional $45 million to help with the state's foreclosure crisis.

The U.S. Department of Housing and Urban Development announced Wednesday that Arizona would be receiving the funds. It's the third round of grant money the federal government has awarded through its Neighborhood Stabilization Program, aimed at dealing with blighted and abandoned homes because of foreclosure.

Arizona counties, cities and towns can use the funds to buy, redevelop or raze foreclosed properties to fight blight and ward off the negative impact of foreclosure on communities. The new funding also will allow residents at risk of losing their homes to apply for loans to prevent foreclosure.

As of Aug. 31, housing officials say more than 95,000 pending or active foreclosures are in Maricopa County with about 23,600 of those in Phoenix.

Last 5 Comments

  • Reply Abuse Vote
    I feel for those underwater
    stapletoncda
    This is where the Fed should have helped more. I often think it would have been better to pay a nominal fee of lets say $50 thousand to all of us with mortgages. Then we turn around and pay the bank the 50. Our mortgage goes down and the bank gets it money but I believe that repubs would have freaked at this notion. Too much socialism. However, if some of the foreclosures are taken off the market then supply will go down which theoretically means price of homes rise.
  • Reply Abuse Vote
    Hmmm. So What?
    hose a meet hose b
    45 mil for the banks and governments, so what? That doesn't do a thing for homeowners left holding the bag after the banks and the government sacked the housing market. The same bank that gave me my second mortgage now advertises "super low" mortgage refi rates, told me they won't consolidate the loan(that THEY gave me)because I owe more than the house is worth now. I have to stand by the sign advertising the refi's everytime I go in there. GRRR!
  • Reply Abuse Vote
    Hey OBAMA, PELOSI, and REID!
    azdriver
    Where's my bailout? I guess if you actually try to keep afloat, nobody will ever throw a life preserver no matter how much they see you struggle. Scumbag politicians one and all.
  • Reply Abuse Vote
    Don't forget to
    RubyDog
    bail out your rich friends, Oh you already are on that.
  • Reply Abuse Vote
    Helping the STATE with the
    Jason S
    foreclosure crisis, not the home buyers. typical gov not addressing the real issues.
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