City Foreclosures To Be Resold As Affordable Housing
May 8, 2008
Governor David Paterson and state officials announced a program Wednesday aimed towards keeping city housing affordable.
Paterson and officials from the New York State Affordable Housing Corporation said more than $25 million in housing grants will be distributed statewide — with more than $2 million coming to the five boroughs.
Most of the money will go towards buying and renovating homes under foreclosure due to the mortgage crisis. They will then be sold to low- and middle-income home buyers.
AHC officials said the first wave of buyouts will be in Far Rockaway Queens — one of the neighborhoods hardest hit by foreclosure.
Source: NY1
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