Land Bank Reaches Agreement with HUD for Property Acquisition

July 2, 2010

Months and months of hard work and negotiations paid off on Friday, July 2nd when the CCLRC and the U.S. Department of Housing and Urban Development signed an agreement to have any HUD foreclosed properties in the County that are appraised for $20,000 or less be transferred to the CCLRC for $100. The agreement also allows for discounted pricing for the CCLRC to purchase other, higher valued, HUD homes. Gus Frangos, CCLRC President, stated, "This agreement provides the CCLRC with another major tool to help us revitalize our communities by keeping these blighting influences out of the hands of flippers who are out simply to make a quick buck." Click to read HUD's press release.

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