hausdok Posted March 22, 2009 Report Share Posted March 22, 2009 LOS ANGELES (AP) - March 18, 2009 President Barack Obama on Thursday announced that California will receive $145 million to help communities hard-hit by the foreclosure crisis. The president, speaking to about 1,000 people at a town hall-style event in downtown, said the Department of Housing and Urban Development funds will be used to purchase and rehabilitate vacant, foreclosed homes and resell them with affordable mortgages. The president says the funds will also provide mortgage assistance and rehabilitation loans for low-income and middle-income families. "We'll start transforming abandoned streets lined with empty houses back into thriving neighborhoods," the president said. The money is part of $731 million destined for 48 states to counter the impact of high foreclosure rates and plummeting home values. "Our goal is to help communities throughout California turn these houses into homes again," HUD Secretary Shaun Donovan said in a statement. "California is clearly struggling with a brutal foreclosure crisis and we must make every effort to help communities prevent these foreclosed properties from becoming a source of neighborhood blight." To read more at Google/Associated Press, click here. Quote Link to comment Share on other sites More sharing options...
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