Citigroup Inc. is set to announce that it will provide $1 million of "planning grants" to help nonprofits apply for federal funding to acquire, renovate, and sell vacant real-estate-owned properties. The Housing and Economic Recovery Act, enacted July 30, set aside $3.9 billion for such activities. Eric Eve, a senior vice president of global community relations at Citi, said its grants will enable nonprofits to "better understand the REO space." Nonprofits can apply to Citi for grants of $50,000 to $100,000 in 12 cities: Oakland, Calif.; Atlanta; Chicago; Boston; Detroit; Charlotte, N.C.; Rochester, N.Y.; New York; Cleveland; Columbus, Ohio; Pittsburgh; and Houston.
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