The Real Deal Miami

Lake Worth CRA spending $23.2M

October 11, 2010 03:00PM

The Lake Worth Community Redevelopment Agency is buying foreclosed homes
and other distressed properties with money from the federal
Neighborhood Stabilization Program. The agency has received $23.2
million, and has begun working with a group of nonprofit partners and
contractors including Adopt-A-Family and Habitat for Humanity. So far,
the agency has spent $1.9 million to buy 24 properties since it began
closing on deals in July, according to Michael McManaman, a grant
administrator for the NSP. The CRA intends to purchase around 100
residential properties by the February 2013 deadline to spend the grant
money. [Palm
Beach Post]