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New York

State seeks to distribute foreclosure funds

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The New York State Housing Finance Agency today issued a request for
proposals as it prepares to distribute $64.5 million in rehabilitation
grants for foreclosed and abandoned homes. The funds, $54.5 million
from federal funds authorized by the Housing and Economic Recovery Act
passed in July, and $10 million from state funds, will go to
neighborhoods hardest hit by the foreclosure crisis. New York City can
receive up to $5.3 million. Local governments and non-profits can apply
for the funds, which are to be used to purchase and rehabilitate
foreclosed and abandoned homes and to redevelop vacant sites. TRD