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Posted: 9:04 AM Oct 13, 2008
Nashville to get $4 million for foreclosed homes
Nashville is getting $4 million from the federal government to clean up and resell foreclosed homes.
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** FILE ** In this July 2, 2008 file photo, a foreclosed home is seen for sale in Sacramento, Calif. A record 9 percent of American homeowners with a mortgage were either behind on their payments or in foreclosure at the end of June, as damage from the housing crisis continues to mount, the Mortgage Bankers Association said Friday, Sept. 5, 2008. (AP Photo/Rich Pedroncelli, file)
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NASHVILLE, Tenn. (AP) -- Nashville is getting $4 million from the federal government to clean up and resell foreclosed homes.
The city has about 3,000 houses in foreclosure and some of them are in disrepair and can be neighborhood eyesores. The hardest hit area is south of downtown in Antioch.
Mike Clinard, Metropolitan Development and Housing Agency assistant director of community development, said their plan is to secure those properties and resell them to stabilize the neighborhoods.
The housing agency will administer the funds and will make an inventory of foreclosed homes.
The money will be available by early next year. Clinard said while $4 million is a good start, it won't be enough for all the homes in Nashville.
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Information from: WSMV-TV, http://www.wsmv.com/
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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