Hundreds attracted by housing initiative offering $1 homes

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MILWAUKEE (AP) -- Hundreds of people with hopes of buying a city-owned foreclosed property in Milwaukee for $1 were disappointed to learn the housing initiative was designed for developers.

The state-funded program is targeted in the greater Sherman Park neighborhood, an area rocked by violence last summer during clashes with police.

About 400 people were at Milwaukee City Hall Monday to take advantage of the $1 million program to renovate 100 foreclosed houses. But, they learned it would cost an average of $50,000 to renovate the homes and that developers had to buy five or more properties.

Developers will be eligible for grants of up to $10,000 per home after renovating them and hiring at least one unemployed or underemployed worker for each house purchased.

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