Reno Officials Unhappy with HUD Grant

October 2nd, 2008

Nevada has been granted a fund of $72 million by US Housing and Urban Development Agency (HUD) to fight with the problem of home foreclosures. This fund granted by HUD is a part of the $4 billion program of the department to help the country get away with this real estate crisis. However, the major share of this fund will be handed over to Las Vegas and its surrounding areas. This has left the officials of Reno in a state of great desperation. They are very shocked to know about the distribution of funds. Over $47 million of Nevada’s $72 million will be given to North Las Vegas, Las Vegas, Clark County, and Henderson.

The officials of Reno are quite unhappy with HUD’s decision and said that they have failed to realize the extent of severity there. Mayor of Reno Bob Cashell have although accepted that the problem of foreclosure in Reno is not that acute as other regions of Las Vegas, but it is not that good too. Nearly three out of every 100 homes in Reno are facing the problem of foreclosure.

Cashell has said, “Nevada has the highest foreclosure rate in the country, and while the problem in Reno is not as acute as with our friends in Southern Nevada, our foreclosure rates are still much higher than the nation as a whole”.

The officials of Reno have said that they have to literally fight to get the remaining share of the fund. Pierre Hascheff, Councilman, has played a major role in helping the distressed homeowners to fight with the problem of foreclosure on their home. He has said that the City Council of Reno will work out in a way such that it can have its proper share of funds to do away with the foreclosure problem in Reno.

An amount of $14.7 million has already been allocated by the city from a tax exempt bond. The city is also working along with the Nevada Housing Division and lenders to get back the foreclosed properties and re-finance the risk loans.

Hascheff has said that the officials of the city will try their best to act along with the state of Nevada to save as maximum as possible. He has put forward, “We believe that the state should assist Reno homeowners,” Nothing could be predicted in advance, people in Reno have to just keep their cool and wait and watch.