02/15/2009 05:12 am ET Updated May 25, 2011

Daley To Use Federal Money To Rehab Foreclosed Houses

Warning that the foreclosure crisis puts Chicago's tax base and "entire blocks" at risk, Mayor Daley on Thursday outlined plans to use $55 million in federal funds to salvage 2,500 vacant and foreclosed properties over the next five years.

Daley bemoaned the fact that Chicago's share of the $3.9 billion Housing Economic Recovery Act of 2008 cannot be used to help families struggling to avoid or survive foreclosure. Instead, the money awarded to Chicago last fall must be used to rehabilitate foreclosed, vacant and boarded-up homes that become magnets for prostitution, drugs, arson and vandalism.

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