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Feds Give State $70M For Foreclosure Help

Reid, Goodman Tour Affected Neighborhoods That Could Receive Assistance

POSTED: 11:10 am PDT October 22, 2008
UPDATED: 11:47 am PDT October 22, 2008

Nevadans facing foreclosure may get some help, thanks to a state program funded by $70 million from the federal government.

The Neighborhood Stabilization Program works to help those foreclosure hotspots reclaim their community. On Wednesday, Senate Majority Leader Harry Reid, D-Nev., and Mayor Oscar Goodman toured one of these potential communities.

Once a plan is in place, state officials said that the monies will be divided to help rehabilitate cities across Nevada. Currently, Las Vegas is expected to get at least $14.7 million of the $70 million to combat foreclosure in the Valley.

Officials from the Housing and Urban Development office created the grant program. To learn more about it, visit the HUD Web site.

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