Housing Agency Plans $55M in Foreclosure Grants

Plan aims to develop ruined properties

Friday, Nov 7, 2008  |  Updated 12:51 PM EDT
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Housing Agency Plans $55M in Foreclosure Grants

AP

New York is planning to offer $55 million to help redevelop ruined properties.

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State housing officials say they've developed a draft plan to spend almost $55 million in federal funds to redevelop blighted properties.

The money is part of the Housing and Economic Recovery Act of 2008. It provides emergency grants to buy foreclosed homes.

The draft plan released Friday by the New York Housing Finance Agency establishes the process for governments and nonprofits to apply for the grants and sets caps for the amount of money for each area. The agency expects to distribute the money early next year.

New York City's cap is the highest at $5.3 million. Erie County has the highest cap outside the metro area at $3.8 million. Monroe County will get $3.3 million.

Federal housing officials will separately distribute another $45.8 million.

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