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SC among 5 states approved for $600 million in housing aid - Live5News.com | Charleston, SC | News, Weather, Sports

SC among 5 states approved for $600 million in housing aid

WASHINGTON (AP) - The Obama administration plans to send $600 million to help unemployed homeowners avoid foreclosure in five states.

The Treasury Department says mortgage-assistance proposals submitted by North Carolina, Ohio, Oregon, Rhode Island and South Carolina received approval. The states estimate their efforts could help up to 50,000 homeowners.

The administration is directing $2.1 billion from its existing $75 billion mortgage assistance program to a total of 10 states. Each state designed its own plan.

Treasury approved money in June for Arizona, California, Florida, Michigan and Nevada.

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