California Receives $700 Million in Federal Housing Aid

California will receive $700 million and Florida will take $400 million in federal aid to begin designing programs to ease foreclosures, under the Obama adminstration’s latest effort to ease the housing crisis. President Obama announced the program, which would aid state housing finance agencies in the “hardest-hit” states, during a swing through Las Vegas last month . On Friday, the administration announced the funding formulas and totals for the five states that are set to receive aid. Michigan will receive $155 million, Arizona gets $125 million and Nevada receives $103 million. Funding is awarded based on a formula based on unemployment, price declines and the volume of delinquent loans. California had the second worst price decline, the third-worst unemployment rate, and the greatest volume…(read more)

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