AUGUSTA, Ga. - It makes headlines nearly every day -- the number of homes being lost to foreclosure across America.

Augusta is part of those disturbing statistics. It has the second highest foreclosure rate in the state, according to the U.S. Department of Housing and Urban Development.

142 foreclosed homes are in Augusta, almost 100 being in south Augusta. But there is a plan to turn things around.

Tuesday night, the city's Housing and Community Development Department held a public meeting to talk about a $2.5 million plan that would bring some positive changes to Augusta.

"Based on the cities that receive allocations -we have the second highest foreclosure rate next to Clayton County which is a little above nine percent," said Hawthorne Welcher, assistant director of Augusta’s Housing and Community Development Department.

That's something Welcher, is hoping to change.

With such a high foreclosure rate, the city is automatically eligible for federal funds through the Housing and Economic Recovery Act.

But why is the foreclosure rate so high?

"A lot of times you have a lot of soldiers that are in and out. Sometimes that brings about abandonment," said Welcher.

Welcher also says the foreclosures could be due to first-time buyers who just couldn't make the payments or a household going from a double income to a single income.

Now, nearly $2.5 million has been appropriated for a program to help rebuild and refurbish homes that have been foreclosed in several neighborhoods, mostly in south Augusta.

There are some misconceptions about the program.

“We've gotten a lot of phone calls with people…that it's a foreclosure recovery funding. They get ready to foreclose on their house, can we help them, and can we bail them out," said Welcher.

But Welcher says that is not what the program is about.

Here's how it works: potential buyers could get up to $20,000 second mortgages, 10 percent of it forgiven each year for up to 10 years.

Loans would also be given to help developers to purchase foreclosed homes, fix them up and rent them at low rates.

Nonprofit organizations could also receive some of the funding.

Scylance Scott is executive director for Antioch Ministries. His organization not only buys foreclosed homes, but also builds houses from the ground up for low income families.

“The Neighborhood Stabilization program would be critical to what we're currently doing now in providing new construction for home buyers," said Scott.

After Tuesday night’s meeting, people have 15 days to comment on Augusta-Richmond County's Web site.

The deadline is November 21. Then the program will be turned into the state HUD office.

If approved the money would be available at the end of January.