City to buy foreclosed homes

October 31, 2008 08:13AM

The city plans to buy up to 115 foreclosed homes to help struggling neighborhoods, Mayor Michael Bloomberg announced yesterday. The homes will be purchased with $24 million in federal funds and refurbished, creating between 250 and 300 housing units that will be offered to low- and middle-income families. The plan’s efforts will focus on the city’s most distressed areas, including central Brooklyn and Jamaica, Queens.

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