Wall Street Journal (06/18/08) P. C12; Simon, Ruth; Hudson, Kris; Frangos, Alex
Capitol Hill lawmakers and the states are looking at spending possibly billions of dollars on efforts to purchase and rehabilitate foreclosed homes. By the time the funds are available, all concerned could have models for how to do so thanks to grants from The Living Cities Consortium. This group of wealthy philanthropies is looking to provide as much as $10 million in grants and low-interest loans to state and local programs addressing rising foreclosures. The first of these grants will go to programs in eight cities with a wide range of housing markets. In New York City, for example, the money will be used to keep investors from snapping up foreclosed homes; while Cleveland will use the funds to purchase 150 homes, rehabbing and re-selling 50 and razing the other 100.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment