Arizona Share of New Federal Foreclosure Aid $125 million

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Of the $1.5 billion allotted by the federal government to help states hardest hit by housing bubbles that burst, Arizona will receive $125 million.

Arizona is one of five states to receive the money, all states where home prices have dropped more than 20 percent. The money was divided among the states based on drops in home values, unemployment rates and foreclosure figures. The four other states and the funds they will receive: California, $670 million; Florida, $418 million; Michigan $155 million; and Nevada, $103 million.
This money will supplement the $75 billion Home Affordable Modification Program, announced by Obama a year ago in Mesa.

State housing agencies, including the Arizona Department of Housing, must submit plans for spending the money to the U.S. Treasury Department by April 16th. The funds could be available by in June.