Plans for federal foreclosure money approved

By: Associated Press
By: Associated Press

February 3, 2009

ATLANTA (AP) -- Federal housing officials have approved plans by six Georgia communities to spend nearly $36 million to combat the effects of high foreclosures and declining home values.

U.S. Department of Housing and Urban Development approved the plans as part of the agency's new Neighborhood Stabilization Program. The program gave regions 18 months to spend the grants.

On Monday, HUD approved plans involving $18.5 million for DeKalb County and $12.3 million for Atlanta and smaller plans for Savannah, Augusta-Richmond County and Clayton and Muscogee counties.

Under the plans, emergency assistance will be targeted for specific neighborhoods by acquiring and redeveloping foreclosed properties that might otherwise be abandoned, leading to blight.

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