Victorville, Apple Valley, and Hesperia to receive $13 million

October 3rd, 2008

US Department of Housing and Urban Development has granted $13 million fund to three cities of Victor Valley. These three cities are Victorville, Apple Valley, and Hesperia. The fund will help them to fight with the problem of foreclosures that has heavily hit these three cities of Victor Valley. Many have abandoned their homes and have moved from the place. It has been decided that Victorville will receive a fund of $5.3 million, Apple Valley $3 million, and Hesperia $4.5 million. This federal fund is a part of the $4 billion HUD that the department is giving to the local governments throughout the nation to help them in fighting with this real estate problem.

The funds can be used by these three cities of Victor Valley to buy foreclosed properties at discount rates. Besides, the low and moderate income buyers can also be helped in making their down payments. Victorville and Hesperia happen to be among the top 10 highest foreclosure cities of Victor Valley. The rate of foreclosure in both these cities is over 11 percent. Apple Valley has a foreclosure rate of 10 percent and falls under the top 15 highest foreclosed cities. Kathie Martin, spokeswoman of Apple Valley has said, “What we have to do now is put together a proposal on how we will spend the money,”

Spokeswoman of Victorville, Yvonne Hester has expressed her surprise on the amount of fund granted to this city and has said that they are receiving about a third of what several whole states have received from HUD. She has also said that though they do not have any define plans regarding how to use this fund in the real estate but the economic development department is going to carry a research based on which the use of funds will be decided. Martin just hopes that Apple Valley is going to work with its neighboring cities for the development of a similar program so that they make most out of the money.

These three cities of Victor Valley are counted as the most high risk cities for abandonment of properties. Here the properties facing foreclosure are not resold. Although Adelanto is not at all eligible for receiving funds, but it may get a part of the $22.7 million fund that has been given to San Bernardino County or the $145 million fund allotted to the state. The fund will be of great help to the people of Victorville, Apple Valley, and Hesperia in fighting the problem of foreclosure.