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The Neighborhood Stabilization Program is running into competition from investors who see value in the same areas where the program seeks to invest...and unlike federal and municipal entities, private investors have their financing arranged.
http://money.cnn.com/2009/09/29/news...ion=2009092914
The Neighborhood Stabilization Program, passed by Congress last year, gives states and localities money to acquire and rehabilitate abandoned properties. The big problem: officials are having trouble getting their hands on those houses, which are being scooped up instead by private investors and homebuyers at rock-bottom prices.
"We thought the banks would be so happy to see us coming with our money," said Lelia Allen, director of the City of Orlando Housing and Community Development Department. "That has not necessarily been the case."
"We thought the banks would be so happy to see us coming with our money," said Lelia Allen, director of the City of Orlando Housing and Community Development Department. "That has not necessarily been the case."