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Federal funds target foreclosures

U.S. Housing and Urban Development awarded $5 million more to Oregon communities to redevelop blighted foreclosed properties.

U.S. Housing and Urban Development awarded $5 million more to Oregon communities to redevelop blighted foreclosed properties.

The money in Neighborhood Stabilization Program funds are part of the Wall Street Reform & Consumer Protection Act.

Earlier, HUD issued a $19.6 million grant and another $6.8 million in federal stimulus dollars to Oregon Housing & Community Services, which has emerged as the state's point-agency in dealing with the wave of foreclosures hitting the state.

"These grants will build on local efforts to reverse the effects these foreclosed properties have on their surrounding neighborhoods," said [HUD Secretary Shaun] Donovan. "We wanted to make certain that we targeted these funds to those places with especially high foreclosure activity so we can help turn the tide in our battle against abandonment and blight. This investment will reduce blight, bolster neighboring home values, create jobs and produce affordable housing."

Read more at OregonLive.com.

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Last modified onMonday, 19 October 2015 11:39
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