Property bailout comes to Maine
The bulk of Maine's portion of a $4 billion program to help stabilize rocky housing markets is headed to Lewiston-Auburn, Sanford and Portland.
The U.S. Department of Housing and Urban Development last week approved a plan to allocate $19.6 million in Maine to offset the impact of distressed properties on neighborhoods hit hard by foreclosures, subprime mortgages and mortgage defaults and delinquencies, according to a statement from HUD.
The program allows local and state governments to buy foreclosed homes at a discount and then rehabilitate or redevelop them, according to HUD. The grant funds must be obligated for specific activities within 18 months and stipulates that families receiving the homebuyer assistance get counseling to prevent future foreclosures and that new homebuyers obtain a mortgage loan from a lender who agrees to comply with sound lending practices.
The money is earmarked for 15 Maine communities, determined by their foreclosure rates. For a breakdown of the communities that will receive the funds, check out "By the numbers," below.
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