Department of Housing and Urban Development Secretary Mel Martinez and New York City Mayor Rudolph W. Giuliani today announced a five-year plan to save affordable housing for 1,500 families.
In addition, HUD and New York City will invest nearly $168 million to rehabilitate more than 500 properties as part of the City's overall revitalization efforts in these neighborhoods. The comprehensive plan specifically addresses the 514 multi-family properties that were sold under HUD's 203(k) mortgage insurance program. The properties were sold to 54 non-profit organizations in 1998 and 1999, generally at inflated prices. Most of the properties involved are currently in or at risk of default.
Thanks to Abhijeet Chavan
FULL STORY: HUD No. 01-129
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