Las Vegas, HUD Team Up in Foreclosures Rehab Effort

Las VegasClark County, southern Nevada’s population hub that includes Las Vegas, is the first focus of a program by U.S. housing officials to help communities acquire, restore and potentially sell properties abandoned as a result of the unrelenting foreclosure crisis.
U.S. Housing and Urban Development Secretary Shaun Donovan and Sen. Harry Reid, D-Nevada, yesterday announced a $1.3 million emergency infusion to help Las Vegas and Clark County with “effects of foreclosure and abandonment in certain neighborhoods,” a HUD statement said.
“The foreclosure crisis is especially brutal in places like the City of Las Vegas and Clark County, requiring that we redouble our efforts to stabilize neighborhoods there,” Donovan said. “This first-of-its-kind technical assistance will help jump start stabilization programs in Las Vegas and Clark County…”
The financial infusion announced yesterday comes from HUD’s Neighborhood Stabilization Program (NSP), part of the Obama Administration’s effort to help local officials overcome neighborhood blight in areas with the highest rates of foreclosures. The $1.5 million was in addition to allocations of $15 million to Las Vegas and $30 million to Clark County under the $72 million program.
HUD “technical assistance” teams will be in southern Nevada through Sept. 30. The teams will help with developing construction and property management expertise.
HUD will also assist Clark County officials develop a more “intensive and sophisticated marketing effort to attract buyers of previously foreclosed properties.” They will help local leaders develop systems and skills to manage a high-volume property rehab programs, and manage scattered sites of single-family properties.

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