Oregon is getting just shy of $20 million from the Federal Government to help areas hit hardest by recent foreclosures.
The state’s Neighborhood Stabilization Plan is getting the cash from HUD. It’ll allow people and companies to buy and rehab properties that were recently foreclosed.
In theory, the infusion of money will help kill any ripple effect from the recent economic downturn. One of the criteria is that people getting the cash cannot earn more than 120% of the media income of their neighborhood which insures the funds are getting to the people who really need it.
