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Pennsylvania County to Buy From Foreclosed Properties Listings

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By : John Cutts    99 or more times read
The county of Lebanon in Pennsylvania has received a Neighborhood Revitalization Grant to buy from foreclosed properties listings. The $1.5 million grant from the U.S. Housing and Urban Development (HUD) will finance the purchase of foreclosed properties that blighted several neighborhoods in the city.

Already, the county had acquired two foreclosure homes totaling $70,000. It is expected that the cost of renovating these houses will be equal or higher.

The grant to buy from foreclosed properties listings is part of the 787 billion dollars economic stimulus package under the American Reinvestment and Recovery Act. The economic stimulus initiative is designed to soften the blow of the economic downturn which is viewed as the worst since the period of the Great Depression.

The law, which was enacted on February 17, allows the distribution of federal funds to help create jobs. The breakdown of funds includes $288 billion for tax incentives and cuts to various people and businesses, $82 billion for social entitlement programs and $144 billion to boost state finances.

The remaining $273 billion are used by federal agencies to award grants, loans and contracts across the country to organizations, schools, municipalities and business. The county of Lebanon has received over $39 million of the economic stimulus fund.

On its part, the Lebanon County Housing Authority received a total of $835,000 as its share in the economic stimulus package. The amount is more than the regular annual budget of $600,000 that the housing authority used to receive.

Industry experts said that HUD is very efficient in distributing the federal funds immediately. They said that the Lebanon housing authority has used up the federal funds quickly because it has a bucketful of projects that are just waiting for funds before it could take off.

Some of the projects where the housing authority used the economic stimulus funds are window replacements, installation of security cameras and repaving of parking lots at senior apartments. The remaining $300,000 is allotted to be used in either replacing the windows at the Washington Arms or restoring the bell at the Stevens Tower.

Industry experts believe that buying from foreclosed properties listings would help greatly in improving and stabilizing home prices in neighborhoods badly hit by the foreclosure crisis.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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