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Fighting Foreclosures

Posted by: Liyuan Huang

8 June 2009 - 1:00pm

Fort Lauderdale joins a national program which will provide $3.7 million to change foreclosed homes into affordable housing.

"The city will receive the $3.7 million from the U.S. Department of Housing and Urban Development through the Housing and Economic Recovery Act of 2008.

To be eligible, applicants must have a total household income at or below 120 percent of the median income and must attend homeowner classes and receive other counseling. Those wishing to buy a home need not be a city resident or first-time home buyer; however, they cannot own another piece of property.

The $3.7 million grant is expected to provide funding for about 25 homes, and as homes are sold to buyers, the money would be used to purchase additional foreclosed properties. The program will be in effect for four years."

Full Story: Fort Lauderdale joins program to buy, resell foreclosed homes
Source: Sun-Sentinel, June 7, 2009
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