Tags: US | Foreclosure | Help

U.S. Eases Rules on Community Foreclosure Aid

Friday, 02 Apr 2010 11:40 AM

The federal government says it's relaxing some rules to make it easier for communities to spend funds on redeveloping abandoned and foreclosed properties.

Changes announced Friday to a $4 billion program will allow communities to spend money on properties in mortgage default and uninhabitable homes with lingering code violations. The Department of Housing and Urban Development says the changes allow more properties to qualify for the program.

Some officials say they've had trouble with confusing and ever-changing federal rules for the money, awarded in the midst of the nation's foreclosure crisis.

A recent report shows that a year after the Neighborhood Stabilization Program started, about a third of more than 300 local governments given the help have barely made a dent in their funds.

© Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
1Like our page
2Share
Economy
The federal government says it's relaxing some rules to make it easier for communities to spend funds on redeveloping abandoned and foreclosed properties.Changes announced Friday to a $4 billion program will allow communities to spend money on properties in mortgage default...
US,Foreclosure,Help
124
2010-40-02
Friday, 02 Apr 2010 11:40 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved