Las Vegas NowMillions of Dollars Coming for Foreclosures

Millions of Dollars Coming for Foreclosures

For struggling families hoping to own a home of their own, Clark County is taking strides to make it easier for some.

Millions in federal dollars are now available to help clean up foreclosed homes. It's called the Federal Neighborhood Stabilization Program.

"We've been awarded approximately $3 million to go out and buy homes that have been vacant for 90 days," said Frank Hawkins, Executive Director of the Community Development Program Center.

The Community Development Program Center is one of three non-profits awarded $3 million each, to buy, renovate, and sell foreclosed properties.

"I believe these will be very popular homes for families of moderate-medium and moderate income households," said Michael Pawlak, the Clark County community resources manager who will oversee the funds.

Clark County, along with Las Vegas, North Las Vegas, and Henderson, have in all received $67 million in the first phase. Up to 500 vacant homes are soon expected to be occupied -- a dent in the widespread crisis.

Starting this month, potential homebuyers can contact non-profit agencies involved in the stabilization program. They must be approved with a lender and be income eligible.

"We have hundreds of people who want to own, this program will help make home ownership more available for majority of the community," said Hawkins.

The second phase starts at the end of the year when close to $400 million in federal stimulus money kicks in to renovate more foreclosed homes and provide direct homebuyers assistance.