Federal Program Helps Buying Bank Foreclosures in Delaware

The federal Neighborhood Stabilization Program has been helping people in Delaware in buying bank foreclosures. The program has provided federal housing funding amounting to $19.6 million to help first-time homebuyers. Under the program, about 120 families will have the chance to buy and rehabilitate vacant, foreclosure houses until next year.

The Obama Administration’s program is designed to help local neighborhoods badly hit by the foreclosure crisis. It will provide funding to support state and local governments’ efforts to prevent foreclosure houses from becoming eyesores in communities.

The program has a wider area of coverage, encompassing rural areas and cities across various ZIP codes in the state. Some counties identified to be eligible under the program are New Castle, Sussex and Kent and the city of Wilmington.

By Cassiano Travareli