Las Vegas seeks to benefit from HUD foreclosure measure

The Department of Housing and Urban Development, or HUD, has received a grant that totals almost $4 billion to aid cities and states embroiled in mortgage foreclosures. These funds in fact were put aside for this purpose in the recently passed Housing and Economic Recovery Act.

The effort has a fitting name, too, The Neighborhood Stabilization Program, and its aim is to let local and state governments, like Las Vegas and Nevada, use the available money under certain guidelines. They can tear down or restore abandoned homes and buy land temporarily to stabilize deteriorating areas and then promote redevelopment. To read the entire article, please click on the link.