View Full Version : Neighborhood stabilization program renovates 72 foreclosed inner city homes in 1 year

01-10-2011, 11:13 PM
Here I think is a potentially huge story:

We've seen neighborhoods like J. Park (still going at it) have huge success in rehabilitating properties themselves and sell them through federal home buyer programs. Now the city is doing it at a larger and faster scale in attempts to mitigate potential problems with foreclosed homes having adverse affects on neighborhoods like what happened to areas like Mesta Park the last time we went through this.

It's great to stem back a tide of reversal from all the progress we've made in the last two decades, and to turn it into positive energy that keeps the momentum moving for many of these neighborhoods. I wish it were possible for them to take a more targeted approach, and be able to look at some multi family properties (like the apt bldg behind Bruno's), but this is certainly positive enough. The city is definitely doing some of the right things with the inner city neighborhoods...the approach could really blossom if they coordinated it with some more high-profile things like streetscapes, trying to clean up main corridors, encouraging neighborhood identity, etc.

01-11-2011, 12:39 AM
There's sure are alot of foreclosures in a city that keeps getting pumped for having a low UE rate and a stable housing market. It also seems there is an active investor/rehabber population doing a decent job with the distressed houses hitting the market. Recently in Mesta Park there was a 1200 +/- sq ft 3/1 that was listed for 29k, sold within 10 days. Given that, it appears that the City is the biggest fish in the flip/rehab market. However the article doesnt mention the criterion for the City's involvement, maybe they leave the dogs for the market to fight over and take the cream of the crop. Either way theres some crazy cheap houses if you want to get into one of them.

01-16-2011, 06:22 PM
Well I think the city just takes whatever it can get its hands on, actually. My understanding of the program is that they just prefer easy projects. The program seems to have a lot of flexibility, as far as criteria goes.