Buying foreclosed houses in counties and cities that received the biggest grants from the second funding round of the Neighborhood Stabilization Program could be advantageous for two types of buyers: low-income families looking for affordable homes and investors looking for lower-priced units that have the greatest potential for price appreciation.
The cities that got the biggest funding from the second round were Los Angeles, which received $100 million; Chicago, which got more than $98 million; Phoenix, which was allocated $60 million; and Philadelphia, which received nearly $44 million.
The states provided with the biggest allocations were Florida, which received $348.31 million; California, which got $318.05 million; Michigan, which was granted $223.88 million; Ohio, which got $175.21 million; Illinois, which was given $160.15 million; and Arizona, which received $117.95 million.
Under the NSP grant program, recipient entities must spend the funds to revitalize neighborhoods through various schemes, namely purchasing lands and properties for redevelopment, demolishing dilapidated properties, creating land banks, buying foreclosed houses and rehabilitating them, providing down payment or closing cost aid to lower-income families buying homes.
The NSP also requires families receiving assistance to have home ownership counseling and to take out their loans from lenders implementing responsible lending policies.
In Michigan, which was eighth in rate of residential foreclosures in 2009, about 1,500 homes would be acquired and fixed, 2,500 units would be demolished and more than 4,600 properties put in land banks for future redevelopment.
Detroit, where most foreclosure auctions in Michigan occurred, would be getting the biggest share — $40.8 million. Lansing would receive $17.4 million and Pontiac would get $13.9 million.
Among the organizations that got the biggest share was Chicanos Por La Causa, a consortium that operates in Arizona, California and seven other states. It received $137.11 million.
The others were the Neighborhood Housing Services of South Florida, which got $89.375 million; the nonprofit Community Builders, which received $78.62 million and the Los Angeles Neighborhood Housing Services, which got $60 million. Community Builders has been operating in several states including Ohio and New York.
The Neighborhood Lending Partners of West Florida was given $50 million while the Metropolitan Development and Housing Agency in Tennessee was granted $30.47 million.
As these NSP funds are allocated to help rejuvenate neighborhoods, both investors and eligible households benefit from buying foreclosed houses in these areas. Families get affordable properties while investors buy properties expected to appreciate in value as neighborhoods improve.
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