Home»Federal dollars making a dent in Nevada foreclosures
Federal dollars making a dent in Nevada foreclosures
Page Last Updated: Thursday July 29, 2010 7:52am PDT
The clock is ticking for some cities and counties to spend their share of federal money to clean up foreclosures. If they don’t use it by September, they’ll lose it.
You’ve heard plenty of talk about federal foreclosure money coming to help southern Nevada. Now, there’s proof the money is here and actually working.
“It’s amazing for me. I feel like I’m finally doing something right,” exclaimed homeowner Shana Andrea.
Andrea was the very first homeowner in Nevada to move into a home under the federal Neighborhood Stabilization program. Now, under that program, more than 300 foreclosed homes are in the process of being bought, renovated, and sold to other qualified homebuyers.
Nevada cities and counties, like all other local governments, have to spend the money awarded or risk losing it. While other cities, such as Detroit, are struggling to meet the September deadline, HUD officials say southern Nevada is right on track.
“We struggled a bit in the beginning, but they tweaked the system and we’re proud of the cities and how they’ve come through and purchased these homes and stabilized these neighborhoods,” said Phyllis Hargrove with HUD.
Under the program, southern Nevada received about $50 million. The money is used by local non-profits to buy and renovate foreclosures. They then sell the homes to qualified low income homeowners.
HUD officials say the program was never intended to be a fix all, nor was it intended for foreclosure prevention.
“This was particularly to stabilize neighborhoods, to keep them from going into more blight, vandalism; keep morale up (among) homeowners. It has made a dent in some of the foreclosures.”
In January, southern Nevada was denied money in Phase 2 of the Neighborhood Stabilization program. Southern Nevada applied for $367 million and didn’t receive any money.
COMMENTS
Hey whats going on??? Nevada did not make the finals in the "Race to The Top" federal funds for education and now Nevada is not in phase 2 of the "Neighborhood Stablization Program". Some is dropping the ball. Nevada needs lawmakers who are not asleep at the wheel. Any funds you can get from the federal government you try and get, it will solve the immediate problem but yes in most cases you have to pay it back, but seeing the situation, I rather have the funds and worry about paying it back later.
More free handouts. Yeah lets put more people in homes that they cannot afford. How about less handouts and more handups. Give a person a fish and they can eat for a day; teach them to fish and they can eat for a lifetime. I'm tired of my tax dollars going to people that have done nothing to deserve it. Whatever happened to actually working for something? The downfall of this country is going to be the entitlement programs and the handouts.
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ROBERT H.
July 28, 2010 8:02pm PDT
Mark as Offensive
If we were on track, why didn't we qualify for phase 2?
Aren't we in the worse shape in the nation? Or is it Detroit?
Hey, even at 2nd worse, why didn't we qualify for phase 2? Valid question.