Housing program opens door to Bronx buyers
Mayor Michael Bloomberg (R-NY) announced an agreement with the Federal Housing Administration (FHA) that will make it possible for low-income Bronx families to own a house.
In the deal, the city will acquire foreclosed homes from the FHA, renovate them and then resell them to the public at an affordable price. Bloomberg says the northwest section of the Bronx is a key area for the project since many of its homes are foreclosed. Bloomberg adds that one-third of the renovated homes will be reserved for veterans who have served since 2001.
Bloomberg says a lottery will be set up so current Bronx residents will have the opportunity to buy. However, buyers must have a family of four or more and have a combined income of less than $72,000 a year to be deemed eligible.