Real Estate Pro Articles

Revitalization of Neighborhoods to Stop Foreclosures in Wisconsin

[Valid RSS feed]  Category Rss Feed -
By : John Cutts    99 or more times read
In an effort to minimize the impact of distressed properties and to stop foreclosures from further escalating, some areas of Wisconsin are formulating neighborhood revitalization programs. In Milwaukee, local officials have formulated plans to revitalize a commercial district and also help homeowners living in neighborhoods hit by foreclosed residential properties.

The number of Green Bay foreclosure homes and distressed properties in other sections of the state is not as high as in other U.S. regions, but these foreclosures still affected the condition of neighborhoods, officials have stated. In Milwaukee, the local government is set to launch several programs aimed at revitalizing residential and commercial areas affected by the real estate crisis.

A block stabilization initiative is set to be launched by the city, which will provide grants to homeowners living in neighborhoods that have been hit the hardest by the onslaught of home foreclosures in Wisconsin. Under the program, a block that has at least two foreclosed homes will qualify for a grant that will provide as much as $500, which will be used to improve the exterior of the home sitting next to foreclosed properties.

According to local authorities, this will improve the appeal of neighborhoods hit hard by foreclosures and will help attract homebuyers. They added that improving neighborhoods' looks will help raise the values of properties and improve the chances of foreclosed dwellings getting sold to new residents. Funding for the program will reportedly come from money already reserved by the Common Council to stop foreclosures in the area.

It is not only foreclosure home problems that will be addressed by the programs planned by the local government, but also commercial property issues. The main focus will be the W. Wisconsin Avenue, a commercial business district in downtown Milwaukee which has suffered from high vacancies due to foreclosures. A task force has been established to formulate plans for improving the business climate of the district, local reports revealed.

The programs, meant to stop foreclosures and alleviate the impact of the real estate crisis on Milwaukee, will be rolled out within the year, according to local reports. Other local programs are also being formulated to stimulate the creative sector and to improve security and safety services.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

Related Articles

Print This Article
Add To Favorites




© All rights reserved to Real Estate Pro Articles