New Federal Funds To Rehabilitate Las Vegas Neighborhoods Hit Hard By Foreclosure Crisis

The number of empty, foreclosed homes in the Las Vegas market will soon be sharply declining, thanks to millions of dollars in federal funding. $43 million has been approved for disbursement to Nevada; millions will come to the Las Vegas Valley – one of the country's hardest hit areas in the wake of the foreclosure crisis – early next year.

Under the auspices of the US Housing and Urban Development (HUD) department, the funding is allocated to help local governments work with nonprofit developers. These developers will buy foreclosed houses, then upgrade the homes for sale to low-income buyers. The funding is not allocated through competition; it is based on clear need.

This is the third round of federal funding for the federal Neighborhood Stabilization Program. Southern Nevada received $64 million in the first phase of funding, but none in the second, because federal officials said local governments had spent too little of that initial $64 million. The current funding breaks down by Nevada areas as follows: Clark County - $16 million, Las Vegas - $10.5 million, North Las Vegas - $4 million, and Henderson - $4 million.

Funding is not available directly to homeowners, but individuals can use this handy search tool to locate a participating grantee. To qualify for the program, home buyers' income must be no more than 120% of the area's median income. The maximum is $54,300 for a single person and $78,000 for a four-person household.

Now is the time to put the Neighborhood Stabilization Program to work for you – buy in Las Vegas now! I am Yonas Woldu – your local Las Vegas real estate expert! Visit my Vegas Real Property website today; I am ready and willing to help you explore your options with the Neighborhood Stabilization Program. Let me help you find your perfect home in Las Vegas.