Friday, February 19, 2010

Arizona to Receive TARP Funds for Foreclosure Aid

STATE CAPITOL, Phoenix –Arizona and four other states with high foreclosure rates will receive federal Troubled Asset Relief Program (TARP) funds, according to an announcement today by President Barack Obama while at a town hall in Las Vegas, Nevada.

In the federal program, state housing departments in Arizona, California, Florida, Michigan and Nevada will share $1.5 billion toward foreclosure aid.
“We have seen many of Arizona’s families and neighborhoods damaged as one of the states with the highest incidence of foreclosures,” said McCune Davis. “I am grateful that President Obama will be directing additional dollars to help Arizona’s families overcome the current economic crisis. We should be doing more to help prevent even more families from going through financial devastation.”

In Arizona, foreclosures have risen 567% between the Third Quarter of 2006 and the Third Quarter of 2009, according to the Center for Responsible Lending. The Center forecasts that an additional 451,590 foreclosures will arise between 2009-2012. (http://www.responsiblelending.org/mortgage-lending/tools-resources/factsheets/arizona.html)

More information on the Help for the Hardest-Hit Housing Markets can be located on the White House’s press release at:
(http://www.whitehouse.gov/the-press-office/help-hardest-hit-housing-markets)

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