LANSING, MI – Michigan will be getting nearly $155 million in federal money to help housing agencies assist homeowners.
The allocation detailed Friday is part of a program President Barack Obama announced last month. A total of $1.5 billion in federal rescue money will go to agencies in Arizona, California, Florida, Michigan and Nevada.
The money will go to local programs to help unemployed homeowners, borrowers who owe more than their home is worth, or to pay lenders to assist borrowers with second mortgages.
The program is designed to help families in the states hardest
hit by problems in the housing market.