LANSING (AP) -- More than 17,000 Michigan homeowners could avoid foreclosure following the Obama Administration's approval of a plan to funnel $154.5 million in federal funds to the state.
Gov. Jennifer Granholm's office says Wednesday that distribution of the money should start July 12. Some of the funds will go to 11,000 homeowners struggling with mortgage payments while getting unemployment benefits.
President Barack Obama announced the national $1.5 billion investment earlier this year for state's hit hardest by the mortgage crisis.
Homeowners and loan providers are required to submit applications for approval by the Michigan State Housing Development Authority. It could take up to 18 months before Michigan distributes all the funds.
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