Minn. gets federal foreclosure money
St. Paul, Minn. (AP) — Governor Tim Pawlenty says the federal government will send nearly $58 million in grants to Minnesota to help with the foreclosure mess.
The money will be funneled through the state government, the cities of Minneapolis and St. Paul and three counties, Hennepin, Dakota and Anoka.
The state will get most of the money - $38.8 million.
The money was authorized in July when the Housing and Economic Recovery Act of 2008 was signed into law. Pawlenty announced Minnesota's take on Friday.
The grants may be used to acquire land and property for subsequent home ownership or rental opportunities. They can also be used to demolish or rehabilitate abandoned properties or provide financial assistance to low- to moderate-income home buyers.