The Arizona Department of Housing will get over $38 million from the federal government to help local communities deal with foreclosures.
City governments from around the state will receive over $121 million from the Department of Housing and Urban Development (HUD) under the newly created Housing and Economic Recovery Act of 2008.
“Arizona communities need substantial help in fighting the effects of foreclosure, and this funding will do a great deal,” said Governor Janet Napolitano in a statement.
“I’m glad that the federal government has taken action on this problem, and that Arizona has received a healthy share of resources to deal with the pressing effects that foreclosures are having on our communities.”
The real question is, who will be in charge of this money and how it is spent? Who will be hired to fix up these broken down houses and relist them in the open Real Estate market? How will this really help the people of Arizona when it has already been said that foreclosures will continue to rise as a result of people losing their jobs and the effects of a horrible economy. We need more answers.
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