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Released: February 19, 2010

Administration to provide more aid to homeowners

Source: Renae Merle and Michael D. Shear, Washington Post (Free Registration)

President Obama will announce a plan Friday to direct $1.5 billion in taxpayer money to five state housing finance agencies to help them develop new programs for addressing the housing crisis in their communities, according to a senior administration official.

The five states—California, Nevada, Arizona, Michigan and Florida—have been among the hardest hit by the housing crisis and have seen home values decline more than 20 percent. The initiative will be financed through the government’s Troubled Assets Relief Program (TARP).

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