City to resell foreclosed homes

The city will spend $24 million in
federal funds to rehabilitate and sell 115 foreclosed homes, Mayor
Michael Bloomberg announced today. The city has already bought two
homes on Staten Island, one in the Bronx and one in Queens. The number
of foreclosure filings in the city is expected to reach 20,000 by the
end of this year, up from 15,000 foreclosures in 2007. “We’ve worked hard over the past seven years to build
strong, safe neighborhoods, and we can’t — and we won’t — let the
current mortgage crisis destabilize our communities and threaten our
quality of life,” Bloomberg said.