Industry NewsMortgage

Feds award $1B to buy up REOs

4 'sand states' get $446M for acquisition, redevelopment, demolition

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Federal housing officials today announced nearly $1 billion in funding to help state and local governments acquire, redevelop or demolish foreclosed properties.Every state in the nation got at least $5 million in the third round of funding through the Department of Housing and Urban Development's Neighborhood Stabilization Program (NSP).Nearly half of the $970 million in grants announced today -- $446 million -- went to the four "sand states" hit hardest by foreclosures: Arizona ($45.4 million), California ($149.3 million), Florida ($208.4 million) and Nevada ($43.3 million).Another $171 million in NSP funding was concentrated in four Rust Belt states: Illinois ($30.1 million), Indiana ($31.5 million), Michigan ($57.5 million), and Ohio ($51.8 million).NSP funds can be used to acquire land and property, demolish or rehabilitate abandoned properties, and provide downpayment and closing cost assistance to low- to moderate-income homebuyers."We want to make certain that we ...