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New Hanover foreclosure assistance could come from federal government

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The housing crisis is impacting New Hanover County as more than 400 homes are going through foreclosure. New Hanover County Commissioners gave the go ahead for county planners to start seeking foreclosure assistance money from the federal government. Local governments can get up to $5 million in grant money to help purchase abandoned and foreclosed properties. Out of twenty-three counties in the state facing a foreclosure crisis, New Hanover County ranks 12th, based on housing and urban development research. Community Development Planner Wanda Coston said, "There is a problem here, and it is a problem that for the most part has gone unnoticed. People don't realize the impact it will have on our economy now and in the future." The city and county will know as soon as March first if foreclosure assistance will make it here.

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This doesn't make sense.....

...but government decisions rarely do. Why would this funding not be applied as a program to help the owners keep their homes? Is this big government feeding little government and taking advantage of the citizen again?

nope

it's one government trying to draw federal funds in with out knowing how they are to be used. The program clearly states the funds must be used to buy foreclosed or abandoned properties. This effort in no way saves the homeowner from losing his or her home

I'm curious

How is this assistance going to help the folks who are losing their homes? It's pretty clear the funds are to be used by the County to purchase abandoned or foreclosed properties. How does this help the poor shmo who is losing his or her home? There's been a lot of rhetoric concerning all of this bail out money and a portion of it being earmarked to help folks avoid foreclosure and the loss of their homes. I'm confused. It would seem federal money may actually allow the county to enrich itself through the purchase of distressed properties with federal dollars. Did I miss something?