CHICAGO - The board for Ohio's Summit County Port Authority this week rejected a request to issue $12.5 million of tax-exempt bonds to finance a pilot foreclosure program operated by a Cincinnati-based nonprofit group.

The authority's board had too many unanswered questions and concerns about the newly-formed nonprofit, American Homeowners Preservation of Cincinnati, said director Chris Burnham. It was the first time in the port authority's 10-year history that it revoked an inducement resolution, he added.

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