Thursday, October 9, 2008
Arizona department of housing (ADH) will be receiving nearly $38 million to buy foreclosed homes, repair the home and then lease them to residents. Arizona will receive nearly $121 million in federal funds to solve the problems relating to home foreclosures in the neighborhood areas. Eight other country and municipal government will receive federal funds. Although these federal funds will not be sufficient to clean up all the foreclosed properties it can improve the situation in some neighborhood areas. Many states that have received federal funds are as follows- Florida tops the list with $541 million, next is California which received $530 million, and then comes Michigan with $264 million. Arizona has received nearly $121 million ranking 9th in terms of receiving federal funds. Nevada which is considered having highest foreclosure rate has received just $72 million. Every state has received at least $19.6 million as part of the federal blight-mitigation plan. Some states like southwest, Rust Belt, Mid-Atlantic and southwest have received more money from federal blight mitigation plan.
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