Nassau County to buy, fix up foreclosed homes

April 15, 2009 3:52:42 AM PDT
Nassau County will spend $3.1 million in New York and federal grant money to buy and renovate six foreclosed homes. Officials say it's the first agreement of its kind between a local government and Fannie Mae, the private, federally backed mortgage lender.

One goal is to prevent foreclosed homes from ruining whole neighborhoods.

The federal Department of Housing and Urban development gave $7.7 million to Nassau and $11 million to Suffolk County to help first-time home buyers purchase abandoned or foreclosed houses.

Gov. David Paterson and Nassau County Executive Thomas Suozzi (SWAH'-zee) announced the agreement Tuesday.

It's part of the $59 million Neighborhood Stabilization Program to combat foreclosure and redevelop or demolish vacant properties.


NEW YORK AND TRI-STATE AREA NEWS

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