Biggest Little City

Housing & Economic Recovery Act of 2008

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Nevada Foreclosure Information Workbook:  The Nevada Foreclosure Prevention Taskforce provides information in this workbook for those facing mortgage delinquency and are seeking assistance.  It is designed as a tool for making informed decisions and provides direction on the information needed when seeking assistance. 

The Housing and Economic Recovery Act of 2008 was signed by President Bush on July 30, 2008, and the program was implemented on October 1, 2008.  This program is designed to assist borrowers in danger of losing their homes to refinance into more affordable government-insured mortgages by offering government insurance to lenders who voluntarily reduce mortgages for at-risk homeowners to at least 90% of the property's current value.  Review the Department of Housing and Urban Development FAQ sheet  .

For more information relating to foreclosure and housing assistance:

HUD Tips for Avoiding Foreclosure

Avoiding Foreclosure

HUD Approved Housing Counseling Agencies

 

What about the CDBG FUNDS for Foreclosures?  Neighboring house values, increased crime and significant disinvestment are all issues for neighborhoods that are created by homes that have been foreclosed upon and sitting unoccupied.  To ensure that communities can mitigate these effects of foreclosures, the Housing Act provides for nearly $4 billion for the purchase (at a discount), rehabilitation, and redevelopment of these homes.  After purchase the homes must be used to assist individuals and families with incomes at or below 120% of the area median income wishing to purchase. Twenty-five percent of the funds must be used for households with incomes at or below 50% of the area median income.  This program allows states and localities to purchase bulk tracks of homes which have been foreclosed or abandoned, avoiding the problems that can be created when whole neighborhoods are decimated by foreclosures.  These funds must be committed within 18 months.    For information on allocations, see FACTS.

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