Senator Dodd Is Touring Foreclosure Regions With Hud Secretary

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Senator Chris Dodd and the secretary of HUD, Shaun Donovan, are touring foreclosure regions and visiting disaster zones in Connecticut to find out if the dollars being poured in are properly used.

Joan Carty of HUD told Dodd that they are doing their best to turn the ship of disaster around. She appraised the duo of the problems they are facing in Bridgeport.
HDF is sanctioning a fund of $6 million for Bridgeport that will be utilized to help the needy buy foreclosed vacant units so as to make them habitable once more. Washington is pouring dollars for housing plans right across USA.
A meeting was held in the Broad Street office of HDF where the senator and secretary met about 40 persons to talk with them about the problems they are facing. The group endeavours to put back into the hands of people affordable housing. They are also trying to prevent further foreclosures so that people continue to stay in their houses. In Bridgeport over 1,000 units have been swallowed up by foreclosures thanks to the issuing of 5,000 sub-prime loans.
Before stopping at Bridgeport, Dodd and Donovan halted at Hartford to attend a forum on housing in New Haven. They made contact with the home owners who had benefited from the various programmes.

Carty said that plans have already been implemented by the group. Several localities have been targeted one being a medical centre. According to her HDF has started to work in tandem with the hospital to give incentives to the staff to purchase houses in the region. Carty added that the group is short of housing counselors who will go around making enquiries.
Dodd stressed that his primary message to the people is that that they are not alone in this mess. If foreclosure victims seek help without delay the better chances they have of a solution being worked out to keep them in their houses. Dodd however added that one should not be under the false impression that each and every one will be able to avoid foreclosure. That is why the plan envisages the creation of rental accommodation within affordable limits. This will be possible by purchasing the foreclosed houses. Donovan also reminded the people that housing counseling is free and none should pay charges.

The tour could not have come at a better time because after a period of hibernation the important lenders have started lifting the ban on foreclosures.

About the Author:
Julie Thompson, has been working on ForeclosureRepos.com studying the foreclosures market, helping buyers on the finer points of foreclosed homes. Try to visit ForeclosureRepos.com and search foreclosures by state.



Article Originally Published On: http://www.articlesnatch.com


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