Northern Nevada Neighborhood Stabilization Program!
The Reno Housing Authority (RHA) has begun spending $4.7 million to help stabilize a few Northern Nevada neighborhoods. The neighborhood stabilization program (NSP) was set up by the government with the intent to buy foreclosed homes in some very distressed areas to fix them up and sell them. The $4.7 million is part of a NSP grant that was awarded to Northern Nevada earlier this year.
Neighborhoods that have an abudndance of foreclosed homes will see home prices continue to decrease and the area will continue to deteriorate. This program is designed to slow this trend and stabilize the neighborhood.
By buying foreclosed homes, the RHA plans fix them up and re-sale them at market value and keep the homes values up, or at least stabilize prices so they do not continue to drop. Home owners who currently live in these areas should feel a sigh of relief, even if it is a small one, that there is something being done to help rebuild their neighborhood.
The Reno Housing Authority plans to buy 44 homes with grant money it received from the government. The neighborhoods that have been hit the hardest with foreclosures will receive assistance first. The RHA will purchase and sell these homes to qualified buyers. You must fill out an application to purchase one of these homes.
The three areas in Washoe County that the RHA plans to assist by purchasing foreclosures are:
~ Stead, the portion between Interstate 395 and Lear Blvd. Click here for map.
~ Sun Valley, unincorporated area of Washoe County. Click here for map.
~ East Sparks, the portion by Sparks Blvd. to the East, Queen Way to the North, and the city boundaries on the west and south. Click here for map.
Homes offered under the Neighborhood Stabilization Program will be offered for sale on a first come, first serve basis to home buyers who meet the qualification and who have completed an application to purchase. To see if you meet the qualifications for purchase one of the RHA homes, visit the Reno Housing Authorities website for a complete list of details.
If you do not qualify to purchase on of the homes, there may be other opportunities available to you. Feel free to contact me, Terrie Leighton, at 775-824-5424 or visit my website, Serving Reno and Sparks to see homes available for sale in the Northern Nevada area.
The Northern Nevada Neighborhood Stabilization Program is now making a difference you three Northern Nevada Neighborhoods!
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REALTOR®
Certified Distressed Property Expert (CDPE)
Certified Default Resolution Specialist (CDRS)
Short Sales & Foreclosure Resource ~ Certified (SFR)
Ferrari-Lund Real Estate
775.846.5424
