Once known as the foreclosure capital of the world, Stockton, California will begin spending $12 million in federal housing aid in April.
Homeowner’s struggling to make mortgage and debt consolidation loan payments have left thousands of homes in disrepair in Stockton.
The spending will likely go to nonprofit groups that plan to flip the abandoned homes. A project of this nature will improve neighborhoods and help those who might not otherwise be able to purchase a home.
There are currently an estimated 5,000 bank-owned properties in Stockton.
Tags: foreclosure, Stockton
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