Oregon gets HUD Aid for Foreclosures
“The US Dept of Housing and Urban Development will send nearly $20 million to Oregon so the state and local governments can buy and rebuild foreclosed properties. The goal is to prevent blight from spreading from foreclosed properties.
The money is part of a $3.9 billion nationwide program and is part of the Housing and Economic Recovery Act of 2008. Oregon, Alaska, and Idaho will get $19.6 million each, and Washington will get $28.2 million.
The government can use the money to buy, demolish or rehab foreclosed homes. It also can offer low or moderate income buyers help with down payments or closing costs. The grants will be targeted to areas with the highest levels of foreclosure, subprime loans and mortgage delinquencies.”
The Oregonian, September 2008
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