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Fri February 19, 2010
Las Cruces Gets Stimulus Funds For Housing
By KRWG News
Las Cruces – The City of Las Cruces has purchased eligible properties 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 Terrence Moore, City Manager of Las Cruces, "We are very pleased with staff's progress to date in assembling eligible properties in discussion with the two grantees, Las Casa, Inc. and Tierra Del Sol Housing Corporation. We are also jointly planning the rehabilitation as appropriate to each property. All rehabilitation work is being done through the City's Housing Rehabilitation Program procedures."
On February 24th, the City of Las Cruces will transfer ownership of the first five (5) properties to Las Casa and Tierra del Sol. All after rehabilitation will be a benefit to their neighborhoods. Las Casa Inc., the domestic violence shelter is excited about receiving ownership of their properties, overseeing the rehabilitation and using them as affordable rentals. Tierra del Sol also will obtain theirs, oversee the rehabilitation and resell them as affordable housing to eligible applicants.
As properties are purchased, transferred, 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. The City plans to continue this activity through April 2013.