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5 Hampton Roads cities get millions for foreclosed home rehab

09:51 AM EDT on Monday, June 8, 2009

Associated Press

RICHMOND (AP) -- Five Hampton Roads cities are among several Virginia localities to receive money to buy and rehabilitate foreclosed homes.

Gov. Timothy M. Kaine announced more than $17 milllion for Neighborhood Stabilization Funding. He says the rehabilitated homes will be sold to low-to-moderate income families.

NEIGHBORHOOD STABILIZATION FUNDS:

Hampton: $2,000,000
Newport News: $700,000
Norfolk: $1,794,375
Portsmouth: $2,000,000
Suffolk: $971,444
Virginia Foreclosure Prevention Website

Kaine says $15 million will be used to rehabilitate about 136 homes in 29 high-need neighborhoods across the state.

Frederick, Shenandoah and Warren counties will share the remaining $2.5 million to address foreclosures in the Northern Shenandoah Valley.

Kaine says about 16,000 foreclosed homes are vacant around the state.

(Copyright 2009 by The Associated Press.  All Rights Reserved.)

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