Today Gov. Janet Napolitano announced that Arizona will be receiving $1.45 million to fight foreclosures in the state, which has the 4th largest foreclosure rate in the nation.

The funds, which were appropriated via the National Foreclosure Mitigation Counseling Programs, are not a bailout scheme for Arizonans at risk of losing their homes - less than two million dollars wouldn't make a dent in the crisis that has thousands of homeowners facing foreclosure. Rather, the funds are intended to set up a system where homeowners drowning in debt can receive counseling.

“When homes are foreclosed, dreams and hopes are too,” said Napolitano. “Thousands of Arizonans have subprime loans that will jump to higher rates, and many are in danger of losing their homes. This grant expands the options for homeowners, but homeowners must take the first step by reaching out for assistance.”

Most of the money will go to the Arizona Department of Housing, which will work with 13 community organizations to extend outreach to at-risk homeowners. The rest will go to Neighborhood Housing Services of Phoenix and the Primavera Foundation in Tucson.