News and Analysis
The New York Times today reported that the House voted to pass H.R. 5818, a $15 billion loans and grants package that would aid local governments in purchasing a growing number of foreclosed homes. The $15 billion will be divided equally between loans and grants.
The Congressional Budget Office reported that the measure will cost taxpayers $2.7 billion over the next five years.
Distribution of the funds is based on a state’s proportion of nationwide foreclosures over four calendar quarters. The distribution will also be adjusted to account for a state’s median home price. States can allocate funds to government entities and non-profits for the purchase, rehabilitation, and resale of properties being used for homeownership or rentals.
Visit our blog, Somebody Has to Say It, at http://site.altondrew/blog.html.
Visit our blog, Somebody Has to Say It, at http://site.altondrew/blog.html.
Copyright@Alton Drew LLC 2008
The Congressional Budget Office reported that the measure will cost taxpayers $2.7 billion over the next five years.
Distribution of the funds is based on a state’s proportion of nationwide foreclosures over four calendar quarters. The distribution will also be adjusted to account for a state’s median home price. States can allocate funds to government entities and non-profits for the purchase, rehabilitation, and resale of properties being used for homeownership or rentals.
Visit our blog, Somebody Has to Say It, at http://site.altondrew/blog.html.
Visit our blog, Somebody Has to Say It, at http://site.altondrew/blog.html.
Copyright@Alton Drew LLC 2008
