HUD Announces State Grants for Foreclosure Help
The earlier bailout bill, the Housing and Economic Recovery Act of 2008 (HR 3221), created the Neighborhood Stabilization Program. The bill allocated about $3.9 billion to the states to help deal with foreclosures. The United States Department of Housing and Urban Development (HUD) was given 60 days to develop an allocation formula for states and hard-hit counties.
HUD announced the awards today. HUD has now listed the allocations at
San Mateo County, which has had a relatively light foreclosure rate compared to many parts of the state, did not receive a direct allocation. Should the County wish to pursue funds, it will have to seek an allocation from the State of California’s grant amount of $145,071,506.
Cross-posted at the Housing Leadership Council blog.
Tags: finance, foreclosure, hud