City Sells Dream Homes to Keep Neighborhoods Stable | Housing
Nevada has been at the top of the list for the most homes in foreclosures for several years. Those bank-owned properties bring down the value of homes around them. That is why the city of North Las Vegas is stepping in to stabilize neighborhoods hurt by foreclosures.
The city is targeting areas with the highest number of foreclosures like a neighborhood near Tropical Parkway and Losee Road. Its Neighborhood Stabilization Program bought a four-bedroom, four-bath home in that area and fixed it up. It is now back on the market for tens of thousands of dollars below what the former owner paid. The home can only be purchased by a qualified buyer.
"To be income qualified, your area median income has to be 120 percent or below. You have to be able to qualify for a first mortgage. You have to reach certain front-end and back-end debt income ratios," said Beth Posey with the city of North Las Vegas.
The program is made possible by the Federal Housing and Economic Recovery Act of 2008. Besides getting a refurbished home at a very good price, eligible buyers also get a $25,000 in assistance.
The city says the program helps keep neighborhoods from falling into ruin with too many foreclosed homes, and it gives people the chance to fulfill the dream of home ownership.
"There is a huge sense of accomplishment that they are able to go from, say, renting in one instance to purchasing the home. It is a pride in ownership. It is living the American dream," said Rick Damian, grants program coordinator with the city.
All of the homes have been upgraded with energy-efficient appliances and new insulation. They have also been re-landscaped with drought-tolerant plants.
North Las Vegas is partnering with four nonprofit developers to help find owners for the homes.
Housing for Nevada
285 E Warm Springs Rd # 100
Las Vegas, NV 89119
Contact Person: Eric Chavez
Mission Housing Development Corporation
7251 W. Lake Mead Blvd, Suite 300
Las Vegas, NV 89128
Contact Person: Yulia Vargas
Hand Development Group, Inc.
295 E. Warm Springs Road, Suite 101
Las Vegas, NV 89119
NSP Information Line: (702) 410-2754
NSP email: email@example.com
Community Development Programs Center of Nevada
2009 Alta Drive
Las Vegas, NV 89106