Feds award $1B to buy up REOs

4 'sand states' get $446M for acquisition, redevelopment, demolition

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Federal housing officials today announced nearly $1 billion in funding to help state and local governments acquire, redevelop or demolish foreclosed properties.

Every state in the nation got at least $5 million in the third round of funding through the Department of Housing and Urban Development’s Neighborhood Stabilization Program (NSP).