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Federal money available for renovation of abandoned and foreclosed homes

A $38.8 million fund to help stabilize neighborhoods by rehabilitating and redeveloping foreclosed homes is being announced today by state and local officials.

The fund also will be used for demolition, land banking and financing.

The money came to Minnesota under the Federal Housing and Economic Recovery Act of 2008 (HERA). The Neighborhood Stabilization Program (NSP) provides emergency assistance to states and local governments for the redevelopment of abandoned and foreclosed homes.

Dan Bartholomay, Minnesota housing commissioner, along with St. Paul Mayor Chris Coleman and Minneapolis Mayor R.T. Rybak, are making the announcement today at a vacant home in St. Paul’s Frogtown neighborhood. The home had been vandalized and stripped of copper pipe, but is now being fixed up by the Greater Frogtown Development Corporation.

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