The city plans to buy up to 115 foreclosed homes to stabilize neighborhoods as part of a broader effort to help struggling New Yorkers, Mayor Bloomberg announced yesterday.
"We're not going to be able to do every home, every place," the mayor said. "But if you can stabilize a neighborhood, you're really making a difference to an awful lot of people with a relatively small amount of money."
The homes, which will be purchased with $24 million in federal funds, would be refurbished, creating between 250 and 300 housing units that would be offered to low- and middle-income New Yorkers under the city's affordable-housing program.
"The people that buy them get mortgages - but they're mortgages they can afford," Bloomberg explained. "It's structured so they have to act responsibly."
Officials are focusing the rescue effort on the city's most distressed neighborhoods, primarily in central Brooklyn and Jamaica, Queens.
CITY TO BUY FORECLOSED HOMES TO SAVE 'HOODS