Foreclosure Money Flowing into City Coffers, But Is It Helping Homeowners?
It seems that everything bureaucrats touch, they mess up. In this case, it’s money that’s meant to help local communities stem the tide of foreclosures. The money is flowing into local city coffers, but many homeowners have yet to se the benefit.
The Neighborhood Stabilization Program: President Obama’s Plan to Help Homeowners Facing Foreclosure
The Neighborhood Stabilization Program was designed to “help shore up neighborhoods by having local governments buy, repair and sell distressed properties to low- and middle-income buyers. They can also rent properties that don’t sell,” according to the 4/8/08 Atlanta Journal Constitution article, Foreclosure aid program lacks results.
In July, Congress approved $4 billion under this plan to be dispersed to local communities throughout the nation. Georgia received $153 million of this money. Listed below is a complete, state-by-state breakdown of how much each state will receive under the Neighborhood Stabilization Program.
How Much Is Your State Getting & Can You Get HUD Contracts If You Have a Foreclosure Cleanup Company?
Foreclosure Cleaning Companies Ready to Go
Many foreclosure cleaning companies have been started by forward-thinking entrepreneurs around the country. They are raring to go – if only local city officials would get off their butts and start giving out contracts. After all, the money is there and so is the need. Foreclosed properties that sit abandoned invite crime – everything from vandalism to graffiti to illegal squatting.
Foreclosure Cleanup: City Officials Need to Get Moving!
City officials need to start contracting with local foreclosure cleanup companies to get houses cleaned up, secured and ready to be resold or rented. Neighborhood residents left behind deserve it; so do communities as a whole.
One of the quickest ways to get the real estate market – and the economy at large in many local communities — on the road to recovery is for local officials start using the taxpayer dollars the administration has set aside to handle foreclosures.
Are you listening local officials?
How Much Money Each State Received Under the Neighborhood Stabilization Program
Following is an approximation of how much money each state received under the Neighborhood Stabilization Program, in alphabetical order.
Alabama: $41 million
Alaska: $19.6 million
Arizona: $120 million
Arkansas: $19.6 million
California: $529 million
Colorado: $52 million
Connecticut: $25 million
Delaware: $19.6 million
District of Columbia: $2.8 million
Florida: $541 million
Georgia: $153 million
Hawaii: $19.6 million
Idaho: $19.6 million
Illinois: $172.5 million
Indiana: $150 million
Iowa: $21.6 million
Kansas: 20.9 million
Kentucky: $44 million
Louisiana: $34 million
Maine: $19.6 million
Maryland: $45 million
Massachusetts: $54 million
Michigan: $98.6 million
Minnesota: $38.8 million
Mississippi: $43.1 million
Missouri: $42.6 million
Montana: $19.6 million
Nebraska: $19.6 million
Nevada: $70 million
New Hampshire: $19.6 million
New Jersey: $63 million
New Mexico: $19.6 million
New York: $99 million
North Carolina: $57.7 million
North Dakota: $19.6 million
Ohio: $258 million
Oklahoma: $32.8 million
Oregon: $19.6 million
Pennsylvania: $88 million
Rhode Island: $19.6 million
South Carolina: $49 million
South Dakota: $19.6 million
Tennessee: $70 million
Texas: $178.1 million
Utah: $19.6 million
Vermont: $19.6 million
Virginia: $45 million
Washington: $28.1 million
West Virginia: $19.6 million
Wisconsin: $48 million
Wyoming: $19.6 million
Working with HUD: Info on How to Get Foreclosure Cleaning Contracts
Learn more about getting foreclosure cleaning contracts and working with HUD.
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