RI gets nearly $20M from HUD

PROVIDENCE, R.I. (AP) - Rhode Island is getting a nearly $20 million federal grant to buy, renovate and sell foreclosed properties.

Sen. Jack Reed says vacant properties can attract blight and crime, and drive down property values in a neighborhood.

The Rhode Island Democrat says the $19.6 million Department of Housing and Urban Development grant will protect communities and homeowners from foreclosed properties that fall into disrepair.

Rhode Island has the highest foreclosure rate in New England and is sixth nationally in foreclosures started during the second quarter of this year. In the three-month period ending June 30, about 1,700 mortgage holders in Rhode Island began foreclosure proceedings. 

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