Hispanic Real Estate Leaders Call on Arizona Governor Brewer to Use Settlement Funds to Aid State's Ailing Housing Market
PHOENIX, May 9, 2012 /PRNewswire-USNewswire/ -- The National Association of Hispanic Real Estate Professionals, Arizona Chapter (NAHREP-AZ), a non-profit 501c6 trade association, is calling on Arizona Governor Jan Brewer to use 100 percent of the funds awarded from the mortgage servicing settlement from the five largest mortgage servicers to help the state's ailing housing market. Hispanic real estate leaders believe that aid to the state's hardest hit foreclosure zip codes is desperately needed.
Arizona is to receive $1.6 billion from the settlement, with only California and Florida due to receive more money. Most of the money will come in the form of principal reductions but $97 million will come in cash payments to the state. Brewer indicated last week that a large portion of the cash payment will be used for general budgetary issues and not exclusively for housing.
"Housing is dragging down our entire state economy and things won't improve until housing stabilizes. Recent data shows that 48.3% of our property owners are still underwater. Second only to Nevada at 60%," said Gail Buck, founder of the NAHREP-AZ affiliate chapter. "Homeowners from across the state are in need of counseling and legal aid. We would be deeply disappointed if any of these funds were diverted away from their intended purpose."
The local NAHREP chapter has many member practitioners who actively work with first-time buyers to buy bank-owned properties in foreclosure neighborhoods to help speed the recovery through owner-occupant purchases. The association has also held fundraisers to benefit local school programs that have been impacted through lost funding due to the foreclosure crisis.
About NAHREP
NAHREP-AZ is dedicated to minority and under-represented consumers who need access to real estate resources that best serve their community's unique needs. We do this by educating and empowering the diverse members of NAHREP-AZ who serve those communities. NAHREP-AZ provides networking opportunities, leadership, advocacy, and professional development to members and non-members alike.
SOURCE NAHREP-AZ
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