Riverside County Foreclosures Receive $48.5 Million in Federal Housing Funds
Category: Real Estate Trends
Published: Tuesday, February 24, 2009
Buyers of Riverside County foreclosures looking for help with closing costs or down payment assistance have a new source of funds available, the federal Department of Housing and Urban Development (HUD). Not tied to the recently passed economic stimulus plan and housing assistance plan approved by President Obama last week, these funds were approved by HUD in January and should begin arriving in the county as early as the end of February.
Each year HUD awards county jurisdictions Community Development Block Grant funds, which the county then filters down to the community level through the cities and special planning groups for unincorporated areas such as Winchester and French Valley. This year, in an effort to stem the tide of abandoned foreclosures, HUD's Neighborhood Stabilization Program awarded $204 million to California agencies who chose to participate in the program. Riverside County received the most money of any agency in the State, at $48.5 million.
Funds Will Help Buy Riverside County Foreclosures
The funds can only be used to buy Riverside County bank owned homes or foreclosures, provide down payment assistance to low to moderate income home buyers, or help with closing costs. Cities can apply for their share of the County's allocation through the County's Economic Development agency and it is anticipated that the areas hardest hit by the foreclosure crisis, such as Murrieta foreclosures, Temecula bank homes, Menifee foreclosures and Winchester bank owned homes, will receive the most assistance. Jurisdictions can also use the funds to buy Riverside County REO homes directly and then either demolish them or rehabilitate them for sale to qualified buyers.
Hemet Foreclosures Receive Nearly $3 Million Directly
The City of Hemet, another area experiencing large numbers of foreclosures, applied directly to HUD for funding and received an allocation of $2.8 million to help with Hemet foreclosures. In an effort to stabilize neighborhoods, the HUD program expects agencies will provide direct monetary assistance to home buyers so that the current supply of Riverside County bank homes can be completely sold!
Program Helps Low to Moderate Income Buyers
Designed to provide home ownership opportunities for all Americans, the HUD program could mean new opportunities for buyers shopping for Temecula foreclosures and Murrieta bank owned homes. Prices have fallen nearly 50% in the last year, making southwest Riverside County foreclosures some of the most affordable in the Inland Empire. Low to moderate income buyers that might otherwise not have qualified can now own a Murrieta foreclosure by taking advantage of these federal assistance funds. Contact the foreclosure specialists at Oak Tree Realty Group Murrieta today at 1-877-226-4800 for information on how you can purchase a Riverside County foreclosure!
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