Arizona Gets Foreclosure Aid Funding
March 20th, 2008 Posted in Mortgage Info, Real Estate NewsArizona Gets Foreclosure Aid Funding
Arizona has received $1.45 million in federal funding to help the state’s growing number of homeowners facing foreclosure.
The money is part of the National Foreclosure Mitigation Counseling Program, and it’s the first federal money dedicated solely to foreclosure prevention to reach Arizona.
Last month, 2,250 families in metro Phoenix lost their homes to foreclosure. That’s the highest monthly rate for defaults in the Valley since 1990, according to the Information Market.
The Arizona Department of Housing will work with 13 state housing-counseling agencies to administer most of the funds. Two other housing non-profits, Neighborhood Housing Services of Phoenix and Primavera Foundation in Tucson, will each get about $60,000 of the $1.45 million to use to help struggling homeowners.
A new 1-800 number for Arizona homeowners seeking help is expected to be up next month. Now, homeowners can call 888-995-4673.
Besides this grant, Arizona has expanded the Housing Department’s Eviction and Foreclosures Prevention program by increasing its budget from $2.75 million to $4.2 million. An additional $500,000 has been made available to help homeowners in areas with higher than average foreclosure rates.
SourceL AZ Republic
