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Housing Lottery Offers Families The American Dream

Posted by: Christian Madera
Thanks to: Christian Peralta
27 July 2001 - 12:00pm

In Silicon Valley, a creative housing lottery has given some families the opportunity to own a home, though some participants walk away with crushed hopes.

"The lottery was the way to the dream. No fine print on a brochure told them that. Eric Darko and Larry Moore just believed it to be true. The two men spent this past year competing in an unusual lottery for the chance to purchase a home for less than $300,000 in a new East Palo Alto subdivision where the going price is $700,000. With more than 300 low- and moderate-income families competing for a mere 22 homes, both men knew the odds against them were great. But desperation pushed them to place their dreams on chance."

Full Story: Housing lottery was roller coaster of emotions for some participants
Source: San Jose Mercury News, July 26, 2001
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