Tulsa World: OKC agency gets $5.2 million to rehab foreclosed homes

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OKC agency gets $5.2 million to rehab foreclosed homes

By Assocaited Press
Published: 9/2/2009 9:11 AM
Last Modified: 9/2/2009 9:11 AM

OKLAHOMA CITY — A nonprofit Oklahoma City agency has received $5.2 million from the federal government to buy foreclosed homes and rehabilitate them for sale to low-to-moderate-income families.

Officials from the Neighborhood Housing Services of Oklahoma City on Wednesday will give media members a tour of one of the first foreclosed homes the agency will purchase with the grant money.

The money is from the Neighborhood Stabilization Program, which was part of last year's federal stimulus bill. The program provides grants to all states and some local governments.

Plans call for the agency to buy about 45 foreclosed homes in Oklahoma City and renovate the houses as needed before selling them. The agency has until the end of August 2010 to spend the money. By Assocaited Press

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	Report Comment Barleybaby, Tulsa (9/2/2009 9:17:14 AM) Wasn't it low to moderate income people who got foreclosed on in the first place?
	Report Comment tao4mind, Enid (9/2/2009 9:57:55 AM) That is $115,000.00 each house and last year I purchased a foreclosier for $18,000.00 and restored it with less then $10,000.00 in materials, valued and insured now at $70,000.00 with all new appliances. What is the extra $85,000.00 for? Must be the CEO's salary and bonus per house. Your Taxes at work.

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