Oct
01

HUD to Give South Carolina Nearly $45M

By
October 1, 2008

SCBIZ Daily Staff

With a statewide foreclosure rate of 4.1%, South Carolina is slated to receive $44.67 million from the U.S. Department of Housing and Urban Development’s new Neighborhood Stabilization Program.

HUD Secretary Steven Preston allocated $3.92 billion to all states and particularly hard-hit areas through the program in an effort to respond to the effects of high foreclosures. The new stabilization program is funded through the Community Development Block Grant Program under Title III of the Housing and Economic Recovery Act of 2008.

As South Carolina is set to receive almost $45 million of the allocated funds, the S.C. Association of Community Development Corporations’ members and stakeholders will be active players in the program.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.scbizmag.com/content/view/88478/1/
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