Mass. receives $54M to aid in bailout of foreclosed homes

BOSTON – The U.S. Department of Housing and Urban Development (HUD) last month allocated $54.8 million to Massachusetts to help stabilize neighborhoods hit hard by home foreclosures.
The funding came as part of a $3.92 billion nationwide allotment designed to help communities acquire and redevelop foreclosed properties. In Massachusetts, the money will also be put toward foreclosure-prevention initiatives already being implemented in the Commonwealth by the Patrick administration, including workshops that team homeowners with lenders to secure loan modifications and restructuring agreements.
The funding from HUD is provided through its Community Development Block Grant Program under the Housing and Economic Recovery Act of 2008. The funds will be used to purchase foreclosed homes at a discount and to rehabilitate or redevelop them in order to respond to rising foreclosures and falling home values. &#8226