Arizona, cities gets $45.4 million in HUD funds for foreclosures

The state of Arizona and several of its cities will get $45.4 million in grants from a U.S. Department of Housing and Urban Development program to help combat the foreclosure crisis. The money was part of $1 billion announced Wednesday through HUD’s Neighborhood Stabilization Program. It will provide funds for governments to buy and either redevelop or demolish foreclosed properties. The funding was part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and follows two other funding rounds that put close to $6 billion into the U.S. real estate market to clean up foreclosures. The city of Phoenix will receive the largest amount, more than $16 million, to help it battle foreclosure problems. The state will receive $5 million.

Click here to view this article from its source.