Lee County runs out of millions in stimulus dollars to buy up foreclosed homes
Story Created: Sep 01, 2010 at 8:58 PM America/New_York
LEE COUNTY, Fla. - Lee Housing officials have run out of stimulus money to buy up foreclosed homes for low-income families.
The county has an 18th month deadline to spend $18 million as part of the Neighborhood Stabilization Project. More than 122 single family homes were bought and the average price of each home is $74,000.
The homes have all been renovated and include new a kitchen complete with green appliances.
The program is being hailed a success by buyers and the county.
Housing officials say they expect to get $5 million in October to continue the program.
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