City’s foreclosed housing program deemed a success
Money earned will be reinvested in other properties
STERLING – The city has met its deadline to spend its federal Neighborhood Stabilization Program money, council members learned Monday night.
In fact, the city exceeded all the objectives mandated by the grant and has made enough money to continue buying foreclosed properties, said Mike Wolber, the city’s former building and zoning coordinator who now leads the program.
“Feb. 11 is the deadline that we had to have spent a certain amount of money,” Wolber said. “We had to spend what was awarded. We were awarded $2,779,859.”
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