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Arizona, cities gets $45.4 million in HUD funds for foreclosures

The state of Arizona and several of its cities will get $45.4 million in grants from a U.S. Department of Housing and Urban Development program to help combat the foreclosure crisis.

The money was part of $1 billion announced Wednesday through HUD’s Neighborhood Stabilization Program. It will provide funds for governments to buy and either redevelop or demolish foreclosed properties.

The funding was part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and follows two other funding rounds that put close to $6 billion into the U.S. real estate market to clean up foreclosures.

The city of Phoenix will receive the largest amount, more than $16 million, to help it battle foreclosure problems. The state will receive $5 million.

Other governments receiving money include:

• Avondale, $1.2 million

• Chandler, $1.3 million

• Glendale, $3.7 million

• Maricopa County, $4.2 million

• Mesa, $4 million

• Mohave County, $1.99 million

• Peoria, $1.2 million

• Pinal County, $3.2 million

• Surprise, $1.3 million

• Tucson, $2.1 million

Governments have several things they can do with the money. Those include buying or refurbishing foreclosed property, demolishing foreclosed property and offering to help pay for down payments.

Read more: Arizona, cities gets $45.4 million in HUD funds for foreclosures – Phoenix Business Journal