The city of Las Vegas plan to use $20.6 million dollars from a Department of Housing and Urban Development (HUD) Neighborhood Stabilization Program (NSP) is open for public comment until Tuesday, Nov. 25, 2008. The city’s action plan outlines how the funding will be used to address the fallout from foreclosure in hard-hit neighborhoods.
The plan can be viewed on the city’s Web site at www.lasvegasnevada.gov/stabilizationplan or at City Hall in the Neighborhood Services Department, located at 400 Stewart Ave. After the public comment period the plan will be forwarded to HUD for review and approval and go into action March 1, 2009; all funding must be obligated within 18 months.
According to the proposed plan, the funding will be used to make bulk purchases of foreclosed homes in nine zip codes where foreclosure rates are, or are projected to be, among the highest in the city. The houses will be purchased at a 15 percent discount below current, appraised value. Some of the homes will be included in a lease-to-own program aimed at those earning up to 120 percent of area median income (AMI). Others will be used as scattered site rental housing for those earning up to 50 percent AMI. A portion of the funding may also be used for a down-payment assistance program for those earning up to 120 AMI and to rehab purchased properties when necessary.
The media is invited to attend a Southern Nevada Neighborhood Stabilization Plan community partner meeting on Monday, Nov. 17 at 2 p.m., at the Downtown Senior Services Center, located at 310 S. 9th St. This working meeting is for non-profits to learn about the stabilization plans from the various jurisdictions.
The high rate of foreclosures in Las Vegas has left many homes vacant and vulnerable. The city has been working on several initiatives related to the foreclosure crises, including an information page on the city Web site, public service announcements and community forums.
The city of Las Vegas Neighborhood Services Department promotes, develops and supports safe, healthy neighborhoods through partnerships, education and compliance. Residents can visit the city’s Web site to see what services are available at www.lasvegasnevada.gov.