PHOENIX — Arizona is the latest state to consider using some of its share of a national mortgage foreclosure settlement for non-housing purposes.
A Republican budget plan poised for consideration by the Legislature Tuesday includes using $50 million from the state's settlement share to help balance the next state budget.
Senate President Steve Pearce says the settlement lets states to use the money to address effects of the housing crisis.
The $50 million comes from a $93 payment the state is getting under a settlement with the nation's top mortgage lenders. That's separate from $1.6 billion that the settlement provides for relief for underwater homeowners.
The Arizona Housing Alliance says the $50 million should be used for counseling legal aid and outreach.
Senate President Steve Pearce says the settlement lets states to use the money to address effects of the housing crisis.