New federal foreclosure plan

By: Associated Press
By: Associated Press

ATLANTA (AP) - On Friday, Philip Mangano, executive director of the United States Interagency Council on Homelessness, is expected to join Mayor Shirley Franklin at City Hall for the local launch of a federal plan to ease foreclosure pains and keep families off the streets.

Under the new Housing and Urban Development's Neighborhood Stabilization Program, $3.92 billion will be distributed to all states and especially regions struggling to surmount high foreclosure rates.

Georgia is expected to receive more than $153 million.

The state will receive more than $77 million; nine other cities and counties will receive the remainder, roughly $76 million.


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