Posted at: 08/12/2009 3:37 PM
Updated at: 08/13/2009 8:03 AM

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Albert Lea HRA Receives Foreclosure Recovery Funding

(ABC 6 NEWS) – Freeborn County's foreclosure recovery program comes in the form of $610,000 in funding from the Greater Minnesota Housing Fund to the Albert Lea HRA.

"The funding will be used to acquire, rehabilitate, and then resell foreclosed homes off of the open market," says Jon Ford of the Albert Lea HRA.

This funding comes at a time when Freeborn County has one of the highest foreclosure rates in the state.

A certain house on Todd Avenue was foreclosed on six months ago. The HRA is in the process of buying it, and six months from now a new owner could be living there. Though it won't have to be, it could be a first-time home buyer.

Before the HRA homes go on the market, they'll be fixed up by local contractors.

Watch ABC 6 News tonight at 5 for more on this story.