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Level of Home and Ranch Foreclosure Listings in AZ Merited $45 Million

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By : John Cutts    99 or more times read
The state of Arizona has one of the highest numbers of properties that are under residential, commercial and ranch foreclosure listings. With the area ranking among the top five states in terms of foreclosure rates, it is not surprising that it receives one of the highest percentages of federal aid doled out by the U.S. Department of Housing and Urban Development (HUD).

As home foreclosures in Phoenix and in other areas of the state continue to rise, the federal government tries again to help local communities facing foreclosures to avoid or recover from neighborhood blight by issuing $45 million of federal aid to the state as part of its third round of HUD financing.

The money, issued through the U.S. administration's Neighborhood Stabilization Program (NSP), is to be divided among several counties and cities that were gravely affected by the huge supplies of Arizona home foreclosures. The federal grant will go to three counties, eight cities and the state.

The financial help will be used to revitalize neighborhoods that have the highest listings of home foreclosures for sale in the state. This is the third time that Arizona has received NSP funding. So far, the state has received allocation worth $301 million under the project since its inception in the early part of 2009.

Under the federal aid program, local governments will be allowed to use the funds to buy properties under commercial, residential and ranch foreclosure listings and renovate them to be sold at affordable rates to low income and moderate income buyers. They can also be used to redevelop foreclosed properties that have fallen into disrepair or to demolish abandoned structures that are beyond renovation efforts.

The highest share of the third round of financing will go to Phoenix. The city is set to receive $16 million from the NSP allocation, bringing the total amount received by the city from the program to $115 million. The money is set to help Phoenix homeowners suffering from the impact of foreclosure.

With the number of properties under residential, commercial and ranch foreclosure listings continuing to rise in Arizona, the financial help provided by the federal government is being seen by local governments as a great help towards the state's attempt to recover from the impact of the housing market crisis.

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