City Seeks Properties for Rehabilitation
Las Cruces – From The City of Las Cruces: The city is seeking eligible properties for purchase under the U.S. Department of Housing and Urban Development's Neighborhood Stabilization Program (NSP). The program is part of the Housing and Economic Recovery Act of 2008.
Under Title III of the program, the City of Las Cruces received $1.5 million in federal grant funding through the State of New Mexico, to purchase and redevelop foreclosed or abandoned, blighted or vacant properties.
According to Jerry Nachison, Housing Development Coordinator in the Community Development Department of the City of Las Cruces, "The City is initially looking to purchase about ten (10) to twenty (20) properties from owners willing to sell. We're looking for minimum size - one bedroom, one bath - and up to four bedrooms - single family dwellings, including condos, duplexes and town houses, with at least 150 square feet of outdoor property." He also states, "The value of the properties sought by the City is between $50 thousand and $100 thousand."
Once the City acquires the properties, it will transfer them for rehabilitation to non profit organizations such as Tierra Del Sol Housing Corporation, which will use the properties for affordable home ownership, and Las Casa domestic violence shelter as affordable rentals.
"As properties are rehabilitated and sold for homeownership, the money generated will return to the City of Las Cruces where it will be used to purchase additional properties. We plan to continue this activity through April 2013," Nachison said.
Nachison added that the grant money awarded under the NSP ends October 31st, 2010 at which time the City's allotment of $1.5 million must be obligated.
Property owners interested in participating in the NSP may contact Jerry Nachison, with the City of Las Cruces, at 575/528-3208. The TTY number is 575/528-3157.