Unfortunately the City is experiencing an increase in foreclosure of properties in the City housing loan portfolio. In almost every case the foreclosure results from the death of the homeowner; however, because of the declining real estate market the properties are not being sold by heirs or purchased at foreclosure sale. In order to return these properties to affordable housing and maintain the stability of the neighborhoods the City is seeking homebuyers, and nonprofit and for-profit developers to acquire these properties. Deed restrictions require the properties remain affordable housing.Imagine that? The government doesn't belong in the home loan business.
I can't remember if I've heard that before.
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