Under the federal Neighborhood Stabilization Program, many new state and local initiatives are expected to roll out in the next few weeks that will help middle- and low-income families Buy foreclosed homes in hard-hit neighborhoods.
In all, about $5 billion is available, including $50 million in technical assistance to get the programs up and running. Some of the Regulations include:
- Participation is limited to households earning no more than 120 percent of the median income
- 25 percent of the money will go to families earning less than half the median.
- The funds must be used for primary residences in communities with the highest incidences of foreclosures and subprime loans.
- There also will be a lease-to-own program.
The Neighborhood Stabilization Program was authorized last summer, but it has been rolling out slowly because the volume of paperwork.
Source: CNNMoney.com
