Foundations Give Millions for Efforts to Resolve Foreclosure Crisis
June 18, 2008
The Living Cities Consortium, which includes major foundations and financial institutions — such as the Ford, Kresge, and Annie E. Casey Foundations and Deutsche Bank — are announcing a plan to give as much as $10-million in grants and low-interest loans to state and local programs working to resolve the foreclosure crisis, reports The Wall Street Journal.
Intended to guide future efforts, the money will be used to buy, demolish, rehabilitate, and sell homes at more affordable prices, as well as keep foreclosed homes from being resold to speculators.
