City buying foreclosed properties

From NY1:

The foreclosed home was one of seven properties the city bought in recent months as part of a program to renovate foreclosed homes and then sell them to private owners for less than their market value.

So far, the city has purchased two homes in Jamaica, one in the Bronx, and four on Staten Island and is looking to buy hundreds more under the $59 million program.

HPD officials hope to purchase about 400 homes in neighborhoods across the city that have been hardest hit by the foreclosure crisis, including southeast Queens, central Brooklyn, northwest Bronx and the North Shore on Staten Island.

Renovation will begin soon on the seven properties that HPD now owns. The agency hopes to sell the homes to people already living in those neighborhoods.