Fed program to offer foreclosed homes in Columbus to nonprofits first

Nonprofit housing groups in Columbus and five other Ohio cities will have the first shot at homes repossessed by the federal government under a program announced on Tuesday. Through the Neighborhood Stabilization Initiative, most foreclosed homes owned by Fannie Mae and Freddie Mac will be available at a discount to community and housing groups for 12 days before being offered to the public through Fannie Mae’s HomePath and Freddie Mac’s HomeSteps websites.