At the end of August, New York City had 11,743 foreclosed homes. Pretty soon, we'll have 115 less of them. The City plans to buy and refurbish them with $24 million of federal funds, creating as many as 300 low- and middle-income housing units, writes the NY Post. The bulk of these rescued homes are in central Brooklyn and Jamaica, Queens, and the initiative is intended both to stem the foreclosure tide and to stabilize the neighborhoods. "Aside from restoring the foreclosed homes to the tax rolls, officials said the purchases would help avert a dangerous downward spiral that threatens to undermine stable neighborhoods. 'When a house becomes vacant in the middle of a residential block, it tends to fall into decay,' said City Councilman Lew Fidler (D-Brooklyn). 'It runs down an entire block, and it begins the process of running down an entire neighborhood.'"
City to Buy Foreclosed Homes to Save 'Hoods [NY Post]
Photo by tonyc67.
