Associated Press - September 29, 2009 2:55 PM ET
ALBUQUERQUE, N.M. (AP) - The New Mexico Mortgage Finance Authority says an offer has been accepted to buy the first foreclosed home using money allocated through the federal Neighborhood Stabilization Program.
New Mexico will get nearly $20 million through the program to purchase, rehabilitate and resell abandoned and foreclosed homes to low-income families. The Mortgage Finance Authority will administer $8.7 million of the funds and the cities of Albuquerque, Santa Fe and Las Cruces will administer the rest.
MFA says close to 50 homes will be purchased through the program and sold to qualifying families.
Lt. Gov. Diane Denish, chair of the MFA board, said rehabilitating foreclosed homes will help prevent neighborhoods from becoming blighted.
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