Money approved for foreclosure plan to take effect in January
On Tuesday, the San Bernardino County Board of Supervisors approved a $22.7 million plan to address the tide of home foreclosures that has severely impacted the County's economy and housing market.
The plan developed by the Department of Community Development and Housing (CDH) calls for the County to use funds from the federal Housing and Recovery Act of 2008 to help residents buy and renovate foreclosed homes. CDH also plans to partner with the Housing Authority to purchase and renovate foreclosed rental properties.
The CDH plan covers about 47 percent areas in the County that were identified as being the most impacted by the foreclosure crisis because of the number of foreclosures or sub-prime loans.
This area includes unincorporated areas of Fontana and the Crestline communities, which are part of the Second District.
Other impacted areas of the County will be covered by plans created by individual cities, such as the City of Fontana and the City of Rancho Cucamonga.
The plan created by CDH will be submitted to the U.S. Department of Housing and Urban Development (HUD) for review. The County expects HUD approval of the plan and the release of funds will occur in January.
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