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Friday, January 2, 2009
NYC Is In The House To Save ‘Hoods
When a New York City house becomes vacant, it deteriorates quickly. It can run down an entire block. Then the neighborhood around that block can decay. Mayor Bloomberg says the city will buy as many as 115 foreclosed homes over the next 18 months using $24 million in federal funds. This money comes from a New Neighborhood Stabilization Program grant. These abandoned homes will be converted into 250-300 housing units for low and middle-income New Yorkers. He hopes this will stabilize at-risk neighborhoods. The people who buy these units will be eligible for affordable mortgages. The main rescue effort will center in central Brooklyn and Jamaica, Queens. Good job, “Mayor Homey!”
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