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Phoenix to get nearly $40 million housing grant

The city of Phoenix is getting a nearly $40 million grant from a housing and economic recovery law passed by Congress during the summer.

The money could be used to provide buyer assistance for foreclosed homes, rehabilitate homes that become blighted after abandonment and demolish homes that are beyond repair. The city had expected about $20 million.

Neighborhood-services Director Jerome Miller says Phoenix will be able to assist up to 500 properties with the money, but cautions that the funds wouldn't meet 100 percent of the need for assistance.

In August, Maricopa County had more than 11,000 foreclosures, ranking third in the nation. The figures weren't broken out by city.

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