October 28, 2008
ME gets funds to buy foreclosed homes
By The Mainebiz News Staff
Maine has received $19.6 million in federal funds to help communities buy and resell homes in foreclosure, according to the Portland Press Herald.
The funds are part of an effort to prevent communities and neighborhoods hardest hit by foreclosures from deteriorating. Which communities will benefit from the program is not known yet, but Michael Baran, acting director of Maine's Office of Community Development, told the newspaper that Sanford will be a likely beneficiary.
The program is expected to help more than 150 moderate-income Maine families buy homes from the municipalities, which in turn will stabilize real estate values by taking properties off the market.
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