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City, Nonprofit Group to Buy 564 Foreclosures at Half Price to Resell as Affordable Housing

LOS ANGELES-In novel program, LA and the Enterprise Foundation will buy HUD-owned properties at a deep discount. The houses and small apartments will be renovated and sold to moderate-income buyers and housing groups.

By David W. Myers | Updated on December 11, 2000

LOS ANGELES-The US Department of Housing and Urban Development, LA officials and the nonprofit Enterprise Foundation have launched a novel program to rehabilitate and then sell more than 500 houses and small apartments to moderate-income buyers and housing groups at cut-rate prices.

The program involves HUD-foreclosed properties in the Boyle Heights, Canoga Park, Highland Park, Pacoima and South Central sections of LA. Under the plan, a partnership of the city and the Enterprise Foundation will buy all of the 564 HUD-owned properties in those areas for as little as 50% of their appraised value.

The partnership will then rehabilitate the properties. The single-family houses will be sold to low- and moderate-income buyers, while the small apartments will be sold to nonprofit housing groups.

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