Arizona's $125 million plan to slow foreclosures
T he Arizona Department of Housing has submitted its plan to spend $125 million in federal funds to slow foreclosures.
Arizona is one of five states divvying up $1.5 billion in foreclosure prevention funds. All state plans were due to the U.S. Treasury Department today. A few tweaks were made to the original plan, including more focus underemployed homeowners.
Here’s the plan that was submitted:
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Arizona Foreclosure Prevention Innovation Fund
Funded through the U.S. Treasury
Emergency Economic Stabilization Act of 2008 (EESA)
The Foreclosure Problem
Arizona’s home foreclosure rate is currently second in the nation. In 2009 the greater Phoenix area experienced approximately 52,000 foreclosures and a …
