$26 Million to Help Rhode Island Residents
The effects the government funded Neighborhood Stabilization Program are being seen and felt in communities all over the nation. Old buildings are being torn down and replaced with affordable living spaces perfect for many who are feeling the crunch of unemployment rates near 10%. Other homes are being bought, renovated and then sold again to consumers ready for homeownership. This ensures that these new homeowners will have a sound investment in which to build a future.
In Rhode Island, communities are seeing the effects of the $26 million in funds. Almost $20 million of this federal money will help to restore more than 100 foreclosed properties around the state. Another $2.2 million will go to Rhode Island consumers looking to buy their own foreclosure. The funds should help another 100 potential buyers with a down payment of up to a fifth of the cost of the home.
While the remaining over $6 million in funds has yet to be allocated directly, it is clear that Rhode Island has a simple plan of action for solving the foreclosure crisis.
Profiting From the Foreclosure Problem
With Federal funds being allocated all over the United States to help control the number of foreclosed properties still on the market today, it is likely that buyers may find programs in their state which will offer similar down payment help, but these funds are not likely to last. Interested consumers should find out what their state is doing with their share of the $7 billion government initiative.