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Northern Nevada Neighborhood Stabilzation Program
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 ... more

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