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Foundation Backs Foreclosures Project
Published in The Wall Street Journal: May 1, 2009
By Mike Spector
The Ford Foundation plans to pump $50 million into a new nonprofit venture that will help municipalities buy foreclosed homes from financial institutions, in an effort to stem property-value declines plaguing U.S. neighborhoods.
The money, among the largest so-called program-related investments by a foundation, will go to a consortium of community-based nonprofits that will serve as a middleman between cities trying to rehabilitate neighborhoods and mortgage servicers looking to unload seized properties.
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