Economy
2:47 pm
Wed September 8, 2010

RI receives millions more for foreclosed homes

PROVIDENCE, R.I. – Senators Jack Reed and Sheldon Whitehouse announced today that Rhode Island is getting an additional six million dollars to rehab abandoned and foreclosed properties.

This is on top of $19 million the state received earlier for the same purpose.

The money comes from the U.S. Housing and Urban Development's Neighborhood Stabilization Program. The money may be used to fix up abandoned and foreclosed properties or help low and moderate income families buy them.

HUD regional administrator Richard Walega said the program is about "putting people to work, saving buildings, creating housing and stabilizing neighborhoods."

Rhode Island has the highest foreclosure rate in New England. In Providence, ten percent of all residential properties have been taken back by lenders.