(Courtesy RealtyTrac)
The US Department of Housing and Urban Development has given Georgia a $153 million grant, to help ease the foreclosure blight.
The state will get about half the sum, with nine cities and counties divvying up the remainder.
The funds are part of HUD’s $3.92 billion national Neighborhood Stabilization Program, enacted in July.
The initiative aims to brake the spreading economic damage from home foreclosures, and strengthen property values in affected neighborhoods.
The money will allow state and local authorities to buy foreclosed or abandoned homes from the banks, renovate, and then sell or rent them to mainly moderate and low-income buyers.
Click here for more GPB News coverage of the foreclosure debacle.
Sunday, October 26, 2008
Feds ok $3.92 b housing grant for Ga.
