Posted on February - 28 - 2011
Multi Family Foreclosures and Budget Cuts Affect Housing Programs
Although single family and multi family foreclosures are not as high in Nebraska as in other U.S. states, they still have some impact on the various sectors of the region. Just like other areas of the country, Nebraska is also dealing with the impact of the recession and has instituted a number of public financial adjustments to cope with the difficulties.
The problem of foreclosures in Omaha and in the whole state might not be as severe as in other areas, but the region also faces issues regarding homelessness. Programs designed to provide affordable housing to families in the low income bracket have been put in place in the state, but current budget allocation changes will likely diminish the funds reserved for these programs.
In Lincoln County, local officials are bracing for the impact of budget cuts as reports have trickled out that more than $3 million of financing reserved for the Nebraska Affordable Housing Trust Fund will be reallocated to economic development initiatives. The news has worried some housing advocates who are trying to help homeless people who lost their properties to foreclosures in Nebraska.
Along with the issue of single family and multi family foreclosures, housing advocacy groups and local agencies are facing further problems related to housing this year, local advocates have stated. The Lincoln County Community Development Corp., the agency handling affordable home projects in the region, is preparing to seek financing from other sources following budget reallocation announcements.
According to agency officials, they are considering seeking financial assistance from other sources, like the U.S. Federal Home Loan Bank. Even with low-priced properties from listings of foreclosed homes for sale, most low-income families in the county still cannot afford to purchase their own home. Housing advocates have revealed that the people who are in most need of affordable housing assistance are senior citizens and single parents with their children.
Although the problem of foreclosed properties, including multi family foreclosures, is not as drastic in Lincoln County compared with other regions, the area is still facing affordable housing shortages. The county is reportedly planning to increase supplies of rent to own homes in the district.
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