From Aubrey Cohen at the Seattle PI:
U.S. Housing and Urban Development Secretary Steve Preston has approved Washington’s plan to use $28 million to help communities recover from the effects of high foreclosures and declining home values.
HUD previously had announced that the state would get the Neighborhood Stabilization funds, which are part of nearly $4 billion Congress approved earlier this year to distribute to states for buying foreclosed property, demolishing or rehabilitating abandoned homes, and offering down payment and closing cost assistance to low- and moderate-income buyers.
The state Department of Community, Trade and Economic Development will distribute the money to cities and counties. Under the plan, Pierce County would get $4.69 million, followed by Tacoma ($3.08 million), Snohomish County ($2.31 million) and King County ($2.29 million). Further down the list, Seattle would get $458,126.>
Realtors with REO listings should take note.
I’m guessing the funds for the downpayment assistance and closing cost assistance for low/moderate income homebuyers will likely be distributed through the WA State Housing Finance Commission, but I don’t see a press release yet. Here’s their website for future reference.