10/04/2008 (7:40 pm)
Properties will be bought
The St. Louis region is getting at least $17.2 million to help buy back and redevelop foreclosed properties, federal officials said this week.
The government has divvied up $3.92 billion in funds for the "neighborhood stabilization program" — a key piece of the foreclosure relief package passed by Congress this summer — and allocated $5.5 million to St. Louis, $9.4 million to St. Louis County and $2.3 million to St. Clair County. Those and other hard-hit regions, like St. Charles and Jefferson counties, also likely will receive funds allocated to states: $42.7 million for Missouri and $53.1 million for Illinois.
The funds are to be used to buy or redevelop vacant properties or help low-income buyers purchase a house paydayloans.
Nearly 6,400 area houses — one in every 192 households — were in the foreclosure process in the second quarter, according to RealtyTrac.
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