Feds slate $57.2M in housing aid | NevadaAppeal.com

Feds slate $57.2M in housing aid

LAS VEGAS (AP) – The Treasury Department says the federal government is allocating $57.2 million more for “Hardest Hit Fund” foreclosure-prevention programs in Nevada.

The agency said Wednesday the Nevada Affordable Housing Assistance Corporation also gained approval to use $34.1 million in previously allocated funds to expand options for unemployed homeowners struggling to make mortgage payments.

Treasury financial stability official Herb Allison says the new funding brings to $194 million the amount allocated to Nevada since President Obama announced the Hardest Hit Fund during a February visit to Las Vegas.

The program is the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets.

It aims to avoid foreclosures by funding mortgage modification programs and people who can’t afford house payments. It also provides aid to facilitate short sales.