Alachua County Receives $3 Million to buy Foreclosed Homes
It could be the help Florida needs to turn around it's dismal housing market. More specifically, the state's high foreclosure rates.
The state was awarded $88 million by the federal government with nearly $3 million going to Alachua County. The county buys homes in danger of foreclosure, repairs them and then puts them on the market. All profits made off a sale goes back into the program to possibly buy more homes.
"This is going to be a great program to get not only housing for families that need it but also to help stabilize these neighborhoods that have been really impacted by foreclosure," says Alachua County Growth Manager Tom Webster.
Webster says the county is planning to put out notices on the homes in the coming months. So far, the county bought 9 homes and is expecting to purchase several others by the end of the month.
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