Market Watch:
Although the U.S. Department of Housing and Urban Development hasn't released the details of exactly how the $1 billion emergency homeowners' relief fund will be distributed, legislation dictates that the program start by Oct. 1.
HUD is reviewing the language to determine the best method of implementation, said Lemar C. Wooley, a HUD spokesman.
The bill also includes $1 billion for redevelopment of abandoned and foreclosed homes.
The relief-fund program is similar to a Pennsylvania program that provides financial assistance to out-of-work homeowners so they can keep up with their housing costs, said John Dodds, director of the Philadelphia Unemployment Project. The money has been available to residents since the 1983 recession, he said.
Dodds lobbied for the national funding, and said it's necessary to address what is probably the biggest reason for foreclosure today: the loss of income.
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