Obama To Announce Help For U.S. Housing
02.19.10 |
Five states who've taken their lumps in the housing crisis are in line for some help. An administration official says that while in Las Vegas today, President Obama will announce one-and-a-half-billion dollars will be allocated to programs at local Housing Finance Agencies in Nevada, California, Arizona, Michigan and Florida. The funds will come from the Troubled Asset Relief Program. The five states have been slammed by declines in their housing markets of 20 percent or more from their peaks.
Nevada is still striving to emerge from stifling housing troubles and Obama's choice to make the announcement in the state is no coincidence. Obama will make a campaign stop for Senate Majority Leader Harry Reid who's been an integral part of pushing the President's agenda to boost the economy and reform healthcare. An administration official noted that the one-point-five-billion dollars is small compared to the scope of the problem nationwide, but said the White House is encouraged by progress across the country.
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