The current foreclosure issue is one that is affecting the entire nation and southern Nevada is not immune. Neighborhoods in the city of Las Vegas have been some of the hardest hit in the nation and that makes the receipt of more than $14 million in federal funds for foreclosure assistance a welcome thing.

The Department of Housing and Urban Development  (HUD) neighborhood stabilization program is providing more than $4 billion in emergency assistance to state and local governments to acquire and redevelop foreclosed properties.

U.S. Senator Harry Reid, Las Vegas Mayor Oscar B. Goodman and Ward 6 Councilman Steven D. Ross recently took a tour of a neighborhood in northwest Las Vegas, which has seen an alarming number of foreclosures. The tour provided them with an up-close look at just how much neighborhoods are being affected by this problem and how federal funding is badly needed to address the situation.

While the monies can be used to redevelop properties that are already in foreclosure, the funding cannot be used to help those who might be currently facing foreclosure on their property. There are a number of resources available to those who are facing foreclosure, but don’t know where to turn. The city has created a foreclosure Web page, which includes information and resources to help those hit during these tough economic times.