Local officials are getting their first whiff of a direct benefit from the federal bailout of Fannie Mae and Freddie Mac – and getting a little lightheaded.
Congress buried about $4 billion in the Housing and Economic Recovery Act of 2008 specifically to assist state and local governments in addressing problems with abandoned or foreclosed homes. But only in recent days have Illinois communities learned they only have a few weeks to show how they will use $119.4 million coming directly to them. If they don’t figure out a plan by Dec. 1, Kane, DuPage, Lake and McHenry counties risk having all the help earmarked for them funnel back to state officials to use for their own foreclosure plans.
Illinois is targeted for $172.5 million in assistance. The U.S. Department of Housing and Urban Development has identified 13 specific communities in Illinois with enough foreclosure problems to receive help.
Now those communities are scrambling to put the plans, structure and staff in place in time to get the money.
Read more frm the Daily Herald
i was just given a 3 day to quit notice