Investors looking for fixer uppers laden are grabbing cheap properties away from local governments in Florida. This rendered the federal homebuying program useless as local governments could not compete with cash-rich investors when it comes to purchasing foreclosure properties.
Arizona has launched new housing programs to be funded by $121 million from the Neighborhood Stabilization Program. The programs help lower-income residents to buy homes from foreclosure listings.
Six western suburban areas have partnered to fight the growing blight caused by foreclosures in several neighborhoods in Illinois. The partnership will use federal funds to purchase foreclosed homes for sale and rehabilitate them.
Habitat for Humanity has resold a foreclosed home it bought under the federal government's Neighborhood Stabilization Program in Virginia. The joint program buys foreclosed homes at select areas and renovates those before resale.
To rejuvenate devastated communities, city officials are using Neighborhood Stabilization Program money to buy foreclosure properties, fix them and then sell them to lower-income households.
Large numbers of vandalized and graffiti-damaged foreclosed homes have been causing blight in suburban neighborhoods, such as Sterling Green South in Texas.
The relatively unknown City of Olathe in Johnson County, Kansas is putting its federal grant to good use as it recycles land and re-houses citizens in previously derelict buildings.
Los Angeles, one of the cities hard hit by foreclosures, will use its allocation from the $6-billion Neighborhood Stabilization Program, to buy and repair homes from foreclosure listings and from other sellers and then sell or rent them out to lower-income families.
Miami foreclosed homes are now available to both cash-rich flippers and needy families. With NSP funds, low-income families can buy foreclosed houses as flippers continue to snap up properties in South Florida.
Local governments are seen by housing nonprofits and community advocates as too slow in implementing the local government phase of the federal government's Neighborhood Stabilization Program, which was launched to reduce private-lender and government foreclosures.
New York City Mayor Michael Bloomberg has announced the city's program of repairing foreclosed homes and then reselling them under the Neighborhood Stabilization Program.
A Massachusetts city has launched a program that offers incentives to buy foreclosed properties. The foreclosure homes will be rehabilitated or demolish to give way for new houses.
The number of foreclosure properties in the state of Florida has caused concern to the country. Good thing that help from the office of Housing and Urban Development is well on its way.
Several communities in Tennessee are set to receive federal funds as part of the program that involves buying foreclosed homes. Industry experts are hoping that the initiative would help the housing market that is still reeling from the effects of recession and rising unemployment.
Georgia's local governments and housing organizations will receive $153 million in federal funds to help expedite recovery of the market struggling with foreclosure problems.
Several nonprofit organizations and community groups in California are vying for federal funds to be used for flipping houses into public housing. The recipients will purchase, rehabilitate and convert foreclosed homes into public housing.
California Congresswoman Waters accompanied HUD Secretary Shaun Donovan in visiting some foreclosed homes in Los Angeles. Waters fought for funding for the Neighborhood Stabilization Program in 2008 and 2009.
A city in Virginia is waiting for a grant that will allow it to purchase bank foreclosed houses, renovate them and sell them at affordable rates. The initiative is part of the federal Neighborhood Stabilization Program that aims to help neighborhoods hardest hit by the foreclosure crisis.
While debates rage on at higher levels regarding plans for foreclosures relief, local communities clamor for immediate solutions at grass-roots levels.
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