By Christina Estes | KTAR
When President George W. Bush signed the Housing and Economic Recovery Act of 2008, it made about $4 billion available for cities to buy, rehab and resell foreclosed homes.
The idea was to help areas hardest hit by foreclosures, including the Valley.
Phoenix has received about $115 million under the Neighborhood Stabilization Program. According to a city council report, Phoenix has addressed 2,584 vacant, foreclosed housing units, the majority being apartments.