Abandoned foreclosed homes and even mobile houses for sale that are not properly cared for are present in most big cities of the U.S. In Arizona, metro areas like Phoenix have launched programs designed to address the issue of empty structures that are contributing to the deterioration of local neighborhoods.
Foreclosures in Gilbert, Phoenix and in other local communities of the state are some of the highest in the whole U.S. Local authorities have reported that these foreclosed properties, particularly the abandoned homes, are causing neighborhood blight and are contributing to the deterioration of communities.
In an effort to prevent this from further happening, the city of Phoenix has started purchasing Arizona foreclosure properties, particularly single family dwellings and apartment buildings. The metro area has initiated the program under the Phoenix Residential Investment Development Effort (PRIDE) established to improve neighborhood conditions and stimulate local economies.
For now, PRIDE is focusing on apartments and single family structures, but residents are hopeful that eventually, the program will expand to include other types of residences that are not usually given much attention like mobile houses for sale. The program is financed by Neighborhood Stabilization Program (NSP) funds provided by the federal government.
PRIDE officials search foreclosed homes on sale and use funds from the NSP to purchase and rehabilitate these structures. The goal is to convert them into affordable housing units and to minimize the number of abandoned properties in the area that contribute to neighborhood blight and crime. According to the officials of the nonprofit group, the affordable homes are usually built in areas with accessible amenities and transportation.
Phoenix has received over $300 million of NSP funds from the federal government and local officials have estimated that the money will be able to finance the purchase and rehabilitation of around 1,500 foreclosed houses and apartment units in the city. Residents of the city have revealed that abandoned foreclosed properties have attracted thieves, squatters and people engaged in illegal activities.
So far, PRIDE has purchased three apartment complexes, including the Santa Fe Springs Apartments. Although mobile houses for sale are not the priority of the program right now, the initiative is definitely helping improve various neighborhoods in Phoenix, residents have reported.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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