$20M Federal Grant for Phoenix Real Estate Foreclosure Market
The City of Phoenix will receive about $40M from the Housing and Economic Recovery Act to bolster the hard-hit Phoenix real estate market. The funds are almost double what was expected, which is really not a good thing, as the funds are based on need.
The grant will be applied across a number of initiatives at the City’s discretion, and could range from buyer assistance of foreclosures to rehabilitation of distressed properties. Unfortunately, the funds will only provide assistance for ‘up to’ 500 of Phoenix’s 11,000 foreclosures, or just under 5%.
If you’re in the market to purchase a home, your Phoenix real estate agent or Scottsdale real estate agent can help you stay informed about various assistance programs and incentives that might be available to you.