According to the Washington Post, about $4 billion dollars has been set aside nationally by HUD to help ease the foreclosure problem and to target the hardest hit localities. The D.C. Metro area will receive approximately $95 million dollars of this money.
In this region, Prince George’s County is eligible for the biggest chunk: $10.9 million. Trailing in Maryland are Baltimore City with $4.1 million and Baltimore County with $2.6 million. In Virginia, Prince William County can tap into $4.1 million and Fairfax County into another $2.8 million, according to HUD.
But to get the money, states and communities have to act fast. By law, the funds must be committed within 18 months. It is up to each community to come up with a plan.
If the plan meets HUD’s requirements, states could receive their money within days, HUD Secretary Steve Preston told reporters yesterday. “It is our intention to push hard to get this money into the hands of these communities.”
It is critical for our BOCS to grab up this money as fast as possible by submitting a plan that meets with HUD’s approval. It seems appropriate that citizens immediately forward their ideas to their supervisor. Time is of the essence.