R.I. getting $19.6 million to ease foreclosure woes
3:20 PM Fri, Sep 26, 2008 | Permalink
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Rhode Island will get $19.6 million to buy and redevelop properties hit by foreclosure. The one-time federal grant can be used by state and local governments to buy homes, land and property, demolish or rehabilitate abandoned properties, or offer downpayment and closing cost help to low- to moderate-income homebuyers. The money can also be used to create "land banks" to assemble, temporarily manage and dispose of vacant land to try to encourage property reuse or redevelopment. U.S. Sen. Jack Reed's office said that, according to HousingWorks RI 2008 Fact Book, nearly 2,500 Rhode Island homeowners received foreclosure notices from January 2008 to July 2008. The foreclosure initiations from July 2007 to August 2008 are a 193 percent increase from the initiations in the previous 12 months, Rhode Island Housing said. "Vacant, foreclosed homes can invite crime and drag down neighboring property values. This federal aid will help protect homeowners and neighborhoods by allowing local communities to purchase and rehabilitate foreclosed homes and abandoned properties across the state," Reed said in the statement. The money is distributed from Housing and Urban Development's Neighborhood Stabilization Program under the Housing and Economic Recovery Act of 2008, which provides $3.92 billion for the program, Reed's office said. 
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They can use the money for low and moderate income families for down payment and closing costs? Sure, let's put more people who can't afford houses into houses they can't afford. Brilliant thinking!
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Creating jobs is more important. No job,
no money to pay home mortages.
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isn't this the saame thing that caused th e banking problem in the first place. ah yes lets see make sure the one who can not afford homes get the money they need for closing costs and so fourth from the state. were do i sign up...lets see i want to join another state welfare project that i can not afford even after i do everything the right way. this is why i can not afford to do things now.
god bless america gimmi gimmi gimmi oh wiate i will need 15 forms of id though since i am a american citizens aplying for this right?
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They can use the money for low and moderate income families for down payment and closing costs!?!
Isn't that how we all got into this mess!
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Well said Rinse, Repeat. That money will also be used to create jobs for well connected friends of the thugs in the state house.
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I give up. Doesn't Reed ever learn how to fix a mess? Isn't that like putting out a fire with gas and giving the same person a match to set it ablaze?
Isn't this like a typical, well, not typical, Democrat to make sure that the people are always dependent on government?
Reed actually gives Democrats a bad name. I don't believe all Dems are this bad but he sure is trying to oust the worst Democrat currently available: Obama.
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what people don't seem to understand is that it wasn't the fault of the people who couldn't afford their mortgage payments. if the greedy didn't increase the interest rates these home buyers would still be in their homes. i am one of them and because i went with a reputable bank i am lucky enough to still own my home. humility is a beautiful thing. you might want to try it sometime!
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I hate to sound cold, but I am really sick of everything going to "low and moderate income" people. What happens to those of us who make too much to be considered low or moderate, but definately don't make enough to be comfortable. We should also get some benefit out of any money coming our way. Oh, I forgot. This is Rhode Island............The money will somehow go to the connected people of this state just like the jobs do and the construction bids, etc., etc.
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Despite the venom of those who fear others who might get decent housing, there are indeed cases in which those who might be able to afford monthly payments cannot get the down payment together in a tight credit market.
The other commenters seem to be ignoring the issue of foreclosure blight and the effect it has on other homeowners in the neighborhood. They certainly do not have to care for others, but they might want to have the wisdom to at least care for themselves.
Better houses be occupied at a lower value than sit unoccupied and open to crime....
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Did anyone see the low income family housing loans that were given to illegal aliens? After they got the money, they fled back to Mexico.
Neat trick, huh?
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Sadly, Reed is doing a disservice to the DEMS. It's well rumored that they want to keep the public dependent on government and Reed certainly is helping to keep that thinking alive.
What ever happened to staying in school, hard work and determination being the keys to success? There are probably as many janitors as they are people with Bachelor Degrees owning homes.
I don't recall any of those people being on the public dole.
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