Sacramento to get millions for housing bailout

[PatSeg]

Source: Sacramento Bee

The federal government soon will send Sacramento city and county nearly $32 million to help fix up foreclosed properties -- a tool to prevent deterioration in neighborhoods hard hit by the housing crisis.

Sacramento received one of the largest allocations in the nation from the $3.92 billion set aside for the effort by the federal housing market bailout bill passed by Congress in July and signed into law by President Bush.

Among California cities, only Los Angeles has been allocated more money than the $13.3 million that will go to Sacramento, said officials of the Sacramento Housing and Redevelopment Agency. Only Riverside and San Bernardino counties will receive more than the $18.6 million earmarked for Sacramento County.

It's a dubious honor. The money was divvied up based on the severity of an area's home foreclosure problem, plus indicators of economic distress such as the jobless rate.

Read more: http://www.sacbee.com/1089/story/1322691.html

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It is really a mess here, though I've heard Stockton is worse.

[glinda]

1. Are we paying to bail out

properties that in the future will be under water or are subject earlier to global warming issues and seismic issues? "Hey how bout a bridge to nowhere too!"

[PatSeg]

2. I just went through the "comments"

and people are NOT happy about this. Of course, there is the problem that many neighborhoods are deteriorating rapidly and attracting crime. Unfortunately it appears the wrong people will once again benefit monetarily however.

[trashcanistanista]

3. Stockton is worse. My guess is that Sac

is more republican, only a guess.

[PatSeg]

4. Could be

I'm quite sure Sac has more clout politically and financially than Stockton. Also it IS the capital.