Foreclosures May Become Redevelopment Agencies' Concern
1 July 2008 - 11:04am
| Author: Paul Shigley
Redevelopment agencies may soon have authority to assist homeowners with subprime loans who are facing foreclosure, and to acquire foreclosed housing.
Under a measure likely to pass the Legislature, redevelopment agencies could aid homeowners, lenders and developers whether or not the subject property is within a redevelopment project area. However, a late amendment to the bill would prevent agencies from using their 20% housing set-aside fund for the activities.
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Under a measure likely to pass the Legislature, redevelopment agencies could aid homeowners, lenders and developers whether or not the subject property is within a redevelopment project area. However, a late amendment to the bill would prevent agencies from using their 20% housing set-aside fund for the activities.
Price: $2.95