PERTH AMBOY – Fourteen foreclosed homes in the Greater Budapest area of Perth Amboy will be purchased and renovated using federal funds, then resold to help low-income families obtain affordable housing.
The City Council unanimously accepted a $1.7 million federal grant last week; the money will be distributed to the Jewish Renaissance Foundation to administer the project. The foundation is in talks with banks to borrow additional funds, which will be repaid with proceeds from the sales of the homes.
Five percent of the homes in the neighborhood have been foreclosed upon, compared to 2.5 percent of in the city overall. The houses, once renovated, will be available to residents on a lottery basis, city officials said.
Officials hope to purchase the first homes by January and sell them by June.
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