Arizona Announces Latest Housing Efforts

Arizona Gov. Janet Napolitano recently announced that the Arizona Department of Housing will receive more than $38 million from the federal Department of Housing and Urban Development (HUD) to help Arizona communities deal with the effects of foreclosure. Governments around Arizona will receive more than $121 million from the allocation announced by HUD under the Housing and Economic Recovery Act of 2008.

The neighborhood stabilization funds aim to help localities and nonprofits obtain foreclosed housing, rehabilitate that housing, and make it available to homebuyers.

Arizona leaders said the federal funding comes on top of actions the state has taken to address the housing problems. In early September, Napolitano announced "Housing Arizona," a $13.6 million initiative designed to help Arizona families and communities hard hit by the economy. The initiative strengthens state foreclosure prevention programs, provides help to first-time homebuyers, and fights homelessness.