Menu
Share
Share this story
Close X
 
Switch to Desktop Site

Obama aid package to help with home foreclosures

The $1.5 billion federal aid package will be distributed to housing agencies in California, Nevada, Florida, Michigan, and Arizona – the states hardest hit by the housing crisis – to help keep struggling homeowners in their houses.

Senate Majority Leader Harry Reid of Nev. greets President Barack Obama before a speech to Las Vegas Chamber of Commerce on Friday, Feb. 19.

Isaac Brekken/AP

About these ads

The five states where the housing crisis has taken the biggest toll will receive part of a $1.5 billion federal aid package intended to slow the tide of home foreclosures, the Obama administration announced Friday.

The money will be distributed to housing agencies in California, Nevada, Florida, Michigan, and Arizona – states where home prices have dropped more than 20 percent since the peak of the market, in a bid to help keep struggling homeowners in their houses.

"The goal is to target communities at the center of the crisis, and to empower local agencies who know these communities best to structure and tailor their programs in ways that are most responsive," said President Obama in a speech Friday to the Las Vegas Chamber of Commerce.

The president announced the aid package earlier in the day at a town hall meeting in Henderson, Nev., a city next to Las Vegas that is struggling amid the foreclosure crisis.

Next

Page:   1   |   2   |   3


Follow Stories Like This
Get the Monitor stories you care about delivered to your inbox.

Loading...