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City launches program to turn foreclosures into affordable homes

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In response to the glut of unsold condominiums and stalled residential construction sites, today city officials announced a $20 million pilot program which will turn vacant buildings into as many as 400 affordable housing units for low- to middle-income families. Funding for the Housing Asset Renewal Program, which the city hopes will prevent neighborhoods from deteriorating as more buildings are left vacant, will come from the City Council and the Department of Housing Preservation and Development. A notice of funding availability will be distributed to banks and developers in mid-July and projects will be selected based on who offers the steepest discounts and where the abandoned homes are located.

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