New York, NY – A plan by New York City to fight blight by buying up foreclosed homes has been moving more slowly than expected.
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The city announced a year ago that it would spend $24 million in emergency federal funds to buy 115 foreclosed homes, fix them up and resell them.
But the New York Daily News reports that only eight homes have been purchased so far.
No renovations have begun. None of the buildings have been resold.
City officials say the delay is due partly to problems getting a line of credit from several big banks.
Nonprofit groups involved in the program also said banks that own the foreclosed properties were asking prices that were too high.
Since when is the goverment in the real estate bussinus. What a waste of taxpayer $