Housing-Crisis Grants Force Cities to Make Tough Choices
Not long ago, Avondale, Arizona, was the epicenter of the housing boom, but today 8.4% of the city’s homes are in foreclosure, with another 4.4% of homeowners so far behind on their payments that city officials expect them to lose their homes. The city is trying to figure out how to divvy up a seemingly paltry $2.5 million in federal aid to rescue neighborhoods blighted by repossessed home.
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