Back in October Mayor Bloomberg announced a city plan to buy up 115 foreclosed homes using $24 million in federal funds, fix them up, and conver them into affordable housing units. We know this because we just recycled the graphic from that old post and slapped it on this one, and took the time to refresh our memory. Anyhoo, at the time the city had put in its first four bids on homes?two on Staten Island, one in Jamaica and another in Eastchester?at prices 15 to 20 percent below the assessed values. Today the Times reports that those four purchases have been consummated, and renovations will start in the spring. There are also more details on the program: the city will not "own" the properties, but will subsidize their renovations through a nonprofit third party group that will hold title to the homes. They'll be sold to families making between $80,000 and $90,000 per year.
· To Avert Blight, City Will Repair and Resell Vacant Homes [NYT]
· City Begins Bidding on Foreclosed Homes [Curbed]