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Medford offers home-buyers' grants

A new grant program for people purchasing a foreclosed house is now available in Medford as a result of the American Recovery and Reinvestment Act.

The city has received a grant of $459,260 for the next two years as a part of the federal Neighborhood Stabilization Stimulus Program.

Nationwide, about $4 billion has been divvied out to help buy and fix up bank-owned foreclosed homes. Oregon's share of that pie about $19.6 million.

About $50,000 is already available in the city, and another $409,260 will be available in the next two years, said Louise Dix, neighborhood resource coordinator.

People who earn up to 120 percent of the county's median income (or as much as $66,500 for a family of four) are eligible to apply for the funds, which can be used for the purchase price or repairing the foreclosed property. Applicants apply through the bank from which they're obtaining a loan. Most banks have been informed of the program.

For more information about the program, call Southern Oregon Housing Resource Center at 774-4329 or the city at 774-2090.

— Paris Achen