Ford Foundation Puts $50-Million Into Effort to Help Cities Buy Foreclosed Homes
May 1, 2009
The Ford Foundation will pump $50-million into a new nonprofit venture that seeks to stem neighborhood property-value declines by helping cities buy foreclosed properties, The Wall Street Journal reports.
The money will go to the National Community Stabilization Trust, a consortium of nonprofit groups that will act as a middleman between local governments trying to rehabilitate distressed neighborhoods and financial institutions that want to unload seized homes.
The trust, which also received $3-million from the MacArthur Foundation, hopes to facilitate purchases in more than 100 cities by the end of the year.
