Roswell's City Council just approved the submission of a grant application to bring stability to neighborhoods with abandoned and foreclosed homes due to the mortgage crisis. The grant, more specifically known as Housing and Urban Development's (HUD) Neighborhood Stabilization Program (NSP), is a relatively new program to assist state and local governments in acquiring and redeveloping foreclosed properties that might otherwise become sources of abandonment within their communities. The redevelopment of these homes will help to stabilize neighborhoods and curtail the decline of housing values of neighboring homes.
Two Roswell communities have been identified as being eligible for this program, Holcomb Crossing and Liberty Square. Funds from the grant provide a benefit for people at or below 120% of the Atlanta Metro Area Median Income (AMI), which is just over $85,000 for a family of four. At least one quarter of the funds must benefit persons at or below 50% of AMI or $35,000 for a family of four.
HUD states that the NSP funds can be used for activities that include:
· Establishing financing mechanisms for purchase and redevelopment of foreclosed homes and residential properties;
· Purchase and rehabilitate homes and residential properties abandoned or foreclosed;
· Establish land banks for foreclosed homes;
· Demolish blighted structures;
· Redevelop demolished or vacant properties
Roswell has been allocated $721,321 to accomplish this effort. Bravo!