Phoenix gets $60 million to stabilize foreclosures
The city of Phoenix was awarded a grant of $60 million under the Neighborhood Stabilization Program, funded through the American Recovery and Reinvestment Act of 2009
In a news release, city officials said the U.S. Department of Housing and Urban Development awarded a total of $1.93 billion to states, cities and organizations.
They said Phoenix, along with its partners, received the sixth largest grant amount in the competitive process.
Officials said the funds will be administered through the city’s Neighborhood Services Department and used to continue programs created earlier this year using $39.4 million in funds from the Housing and Economic Recovery Act.
The programs address abandoned, foreclosed properties through acquisition, rehabilitation, demolition, redevelopment and financial incentives. An estimated 1,700 homes will benefit from these programs, officials said.
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Source: http://www.kpho.com/news/22248416/detail.html
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