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Federal funding to help Arizona homeowners facing foreclosure
09:49 AM MST on Thursday, March 20, 2008
PHOENIX (AP) -- In an attempt to help Arizona's growing number of homeowners facing foreclosure, the state has received $1.45 million in federal funding.
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 the Phoenix metropolitan area lost their homes to foreclosure - the highest monthly rate for defaults in the area since 1990.
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.
Arizona also 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.
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Information from: The Arizona Republic, http://www.azcentral.com
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