Funds to fight foreclosure effects

CARSON CITY -- State Housing Division officials said last week they received $24.3 million in federal money to help revitalize neighborhoods affected by foreclosure.

The one-time grant is through the U.S. Department of Housing and Urban Development's Neighborhood Stabilization Program. The money is intended to stabilize neighborhoods blighted by foreclosures and to halt the decline of home values.

The funds will be used by state and local governments to purchase, rehabilitate and re-sell or rent foreclosed and abandoned properties to households with incomes below 120 percent of local area median income.