Cities buy foreclosed properties to prevent urban decay

08/26/2008 |

As part of an effort to ease the blight of the housing crisis, Boston, San Diego, Minneapolis and a few other cities are using taxpayer and private funds to buy foreclosed properties, refurbish and resell them. Some officials are planning to use the $4 billion in federal grants recently approved by Congress as part of the housing legislation. While efforts to date have been modest, local officials say they can play an important role in the recovery.

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