Vt. gets $19 million in federal housing money

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The state has announced a plan to spend $19 million in federal money to buy, fix and resell foreclosed homes. Some of the money also will go to renovate or demolish blighted and abandoned buildings.

Jim Saudade, deputy secretary of the Agency of Commerce and Community Development, says the money will be distributed through a combination of nonprofit groups, municipalities and developers.

Saudade says the goal is the goal is to buy foreclosed home, fix them up and sell or rent them to low- and moderate income Vermonters.

Some of the money – some $8 million – will go to the Vermont Housing Finance Agency, so it can buy and resell foreclosed homes.

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