RSSWashington gets $28 million in federal foreclosure aid
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OLYMPIA — Washington will receive $28 million in federal home foreclosure aid.
The Department of Housing and Urban Development is distributing nearly $4 billion nationally through its Neighborhood Stabilization Program. The money was approved in July by Congress in a housing bill.
Funds will be distributed in Washington by the Department of Community Trade and Economic Development.
The money will help local jurisdictions buy foreclosed homes, fix them up and resell them to low- and moderate-income buyers. The funds also may be used in down-payment assistance programs.
Several cities in Yakima County will receive a portion of the funds. The city of Yakima will receive $650,614; the city of Sunnyside will receive $593,906; the city of Wapato will receive $246,060 and the city of Toppenish will receive $240,757.
According to RealtyTrac, an Irvine, Calif. firm that tracks foreclosure trends, about one of 2,284 housing units in Yakima County were in foreclosure in November, well below the state and national rate. Nationwide, one in every 488 housing units nationwide were in foreclosure while one in every 948 homes statewide were in foreclosure.
Once the money reaches the local communities, housing and community development organizations will be able to determine the best use for the funds, though the focus will be on purchasing and rehabilitating foreclosed properties and getting them in the hands of those with low or moderate income.
In addition to foreclosure help, The U.S. Department of Housing and Urban Development has announced permanent limit increases on qualified mortgages that can be insured by the Federal Housing Administration for home throughout the country.
Effective ThursdayJan1., the organization will be able to insure up to $271,050 for a mortgage for a one-family home in Yakima, an increase from $200,160 in 2007.
The insurance makes home financing more available to low-income and first time homebuyers since the mortgage is backed credit of the government, freeing lenders from risk if the loan defaults.
— Herald-Republic reporter Mai Hoang contributed to this report.
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