NYC housing program off to slow start
(AP) - A plan by New York City to fight blight bybuying up foreclosed homes has been moving more slowly thanexpected.
The city announced a year ago that it would spend $24 million inemergency federal funds to buy 115 foreclosed homes, fix them upand resell them.
But the New York Daily News reports that only eight homes havebeen purchased so far.
No renovations have begun. None of the buildings have beenresold.
City officials say the delay is due partly to problems getting aline of credit from several big banks.
Nonprofit groups involved in the program also said banks thatown the foreclosed properties were asking prices that were toohigh.