Are there special financing programs availalbe in high foreclosure areas?

City of Long Beach, California-
The City of Long Beach, California in a consortium agreement with Habitat for Humanity Greater Los Angeles has been awarded $22,249,980 in NSP2 funds. These funds will be used in targeted areas across 44 census tracts affected by high foreclosure rates and subprime mortgages. The consortium will establish financing mechanisms, in the form soft second loans, loan loss reserves, and shared-equity loans, for 86 individuals to purchase and redevelop foreclosed upon homes and the consortium will purchase and rehabilitate 25 homes that have been abandoned or foreclosed upon in order to sell, rent, or redevelop these properties. These activities will benefit households whose income is at or below 12 percent of area median income, with 25 percent of the funds for households at or below 5 percent of area median income. These funds, and the leveraging of $1,725,000 in other funds, will help stabilize high foreclosure areas, arrest declining housing values, and reconnect targeted neighborhoods with the economy, housing market, and social networks of the community and metropolitan area as a whole. www.homepreservationcoalition.org/