HUD Announces National First Look Program

The Department of Housing and Urban Development has announced a new program which includes parts of California.

The National First Look Program is the first time there has been an agreement between public and private entities (HUD and the National Community Stabilization Trust). It's purpose is to give communities participating in HUD's Neighborhood Stabilization Program an initial opportunity (or first right of refusal) to buy properties that have been foreclosed on in designated areas so the homes can be rehabilitated, rented, resold, or demolished instead of falling into disrepair.

http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-187

At first blush this seems like a great idea. I have to question where the local governments would get the money from to purchase these homes since most have had to cut way back on expenditures in the last few years. I personally would rather have Station 4 in Ventura open again...