Rehab for Foreclosed Homes

Oklahoma City, OK – OKC agency gets $5.2M to rehab foreclosed homes

OKLAHOMA CITY (AP) A nonprofit Oklahoma City agency has received $5.2 million from the federal government to buy foreclosed homes and rehabilitate them for sale to low-to-moderate-income families.

Officials from the Neighborhood Housing Services of Oklahoma City on Wednesday will give media members a tour of one of the first foreclosed homes the agency will purchase with the grant money.

The money is from the Neighborhood Stabilization Program, which was part of last year's federal stimulus bill. The program provides grants to all states and some local governments.

Plans call for the agency to buy about 45 foreclosed homes in Oklahoma City and renovate the houses as needed before selling them. The agency has until the end of August 2010 to spend the money.

Copyright 2009 The Associated Press.