HUD: Stabilize it!

Published: Friday, January 16, 2009 2:24 PM PST

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HUD has approved the plans of three local agencies to spend more than $17 million in the region for stabilizing neighborhoods affected by foreclosure.

The city of San Diego submitted a plan for $9.4 million, the county for 5.1 million and Chula Vista for $2.8 million. All three plans have been approved, HUD spokesman Brian Sullivan told me this afternoon.

The agencies' plans are similar. (I wrote about them in November.) They plan to use 25 percent of the money for acquiring foreclosures for renting to low-income families, and 75 percent of the money for helping homebuyers purchase houses. The agencies are entitled to 10 percent of the grants to administer the program.

Chula Vista plans to hold some educational events for community members before the City Council appropriates the money, a decision slated for March 3.

-- KELLY BENNETT

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