Summary Box: Obama administration to send housing aid to states with high unemployment rates
By APWednesday, August 11, 2010
Summary Box: Gov’t to provide $3B in housing aid
MORE HOUSING AID: The Obama administration is providing $3 billion to unemployed homeowners facing foreclosure in the nation’s toughest job markets.
HARD-HIT STATES: Of that money, $2 billion is going to 17 states that where unemployment rates have been higher than the national average over the past year.
EMERGENCY LOANS: Another $1 billion will go to a new program being run by the Department of Housing and Urban Development. It will provide homeowners with zero-interest rate loans of up to $50,000 for up to two years.
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