LA Buys its Foreclosed Homes to Refurbish and Resell
Los Angeles has begun using its $33 million in funds from the Neighborhood Stabilization Program to jumpstart neighborhoods blighted by foreclosure. HUD Secretary Shaun Donovan visited a South Los Angeles neighborhood Wednesday.
"Donovan was in Los Angeles to tour some of the homes the city is buying with its share of the $6 billion in federal money being given to local governments to buy foreclosures under the Neighborhood Stabilization Program. He was joined by Mayor Antonio Villaraigosa and Rep. Maxine Waters (D-Los Angeles), who wrote the bill that created the program.
The city intends to use its $33-million piece of that money to turn some of the homes into low-income rental housing. Others it will refurbish and sell to low-income and moderate-income families.
'We want to bring real families into these neighborhoods, not more investors,' said Mercedes Marquez, the head of the city's housing agency."
Published on Thursday, April 9, 2009 in
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