Federal money is flowing into “distressed” neighborhoods like Springfield and Eugene.
Neighborhoods across the country plagued with foreclosure are being aided by $3.92
billion as part of the federal Housing and Economic Recovery Act of 2008.
$19.6 million of that money is going to Oregon cities like Junction City and Cottage Grove to help buyers purchase foreclosed homes, a program that began in November.
The aim is to prevent “foreclosure wastelands” from forming in the state, said state housing Director Victor Merced when announcing the program.
Besides preventing deterioration — when several homes on a street or block are empty and unkempt — the program is intended to establish a floor under housing prices in hard-hit neighborhoods, Eugene housing officer Bob Briscoe said.
Read the full story at The Register-Guard.
{biztweet}Oregon Housing and Economic Recovery Act{/biztweet}
