Federal cash to buy abandoned houses
Story By: Susan Davies
Source: KOAA
Published Thu Dec 11, 2008, 04:50 PM MST
Updated Thu Dec 11, 2008, 08:55 PM MST
Colorado Springs expects to receive a little over four million dollars in January to buy up abandoned homes in city neighborhoods. City-wide roughly 45 hundred homes are currently in various stages of foreclosure.
The federal money comes from the Neighborhood Stabilization Program and is allocated by the state. Colorado Springs will use the state's housing division to administer the money to increase efficiency.
Local not-for-profit housing agencies will be able to apply for the money, buy homes in designated neighborhoods, repair them and finally sell or rent them to low-income residents.
Preliminary estimates are El Paso county will receive 1.2 million dollars in federal money and Pueblo county will get 2 million dollars.
