PHOENIX (AP) — The federal government is giving Arizona an additional $45 million to help with the state's foreclosure crisis.
The U.S. Department of Housing and Urban Development announced Wednesday that Arizona would be receiving the funds. It's the third round of grant money the federal government has awarded through its Neighborhood Stabilization Program, aimed at dealing with blighted and abandoned homes because of foreclosure.
Arizona counties, cities and towns can use the funds to buy, redevelop or raze foreclosed properties to fight blight and ward off the negative impact of foreclosure on communities. The new funding also will allow residents at risk of losing their homes to apply for loans to prevent foreclosure.
As of Aug. 31, housing officials say more than 95,000 pending or active foreclosures are in Maricopa County with about 23,600 of those in Phoenix.
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Information from: The Arizona Republic, http://www.azcentral.com
