Obama administration to provide $3B in housing aid

[ProSense]

Source: Associated Press

WASHINGTON – The Obama administration is providing $3 billion to unemployed homeowners facing foreclosure in the nation's toughest job markets.

The Treasury Department says it will send $2 billion to 17 states that have unemployment rates higher than the national average for a year. They will use the money for programs to aid unemployed homeowners. Some of those states have already designed such programs.

Another $1 billion will go to a new program being run by the Department of Housing and Urban Development. It will provide homeowners with emergency zero-interest rate loans of up to $50,000 for up to two years.

The administration was required to launch the HUD emergency loan program by the financial regulatory bill signed by President Barack Obama last month.


Read more: http://news.yahoo.com/s/ap/20100811/ap_on_bi_ge/us_housing_aid_3

[tridim]

1. My meeting with HUD takes place later this month.

Thank you Obama.

[Kind of Blue]

2. Best of luck to you!

[tridim]

4. Thanks, a little luck right now would be very welcome.

It has been awhile.

[Beetwasher]

3. Awesome!

Very very good move.