City Receives Funding For Neighborhood Stabilization Program

The city of Richmond has been allocated $2.4 million in Neighborhood Stabilization Program funds from the Virginia Department of Housing and Community Development to address foreclosed and abandoned properties in the Highland Park, Barton Heights, and Church Hill neighborhoods.

The city is partnering with Bradley Development, LLC, Housing Opportunities Made Equal, LLC; Lifetime Homes; Richmond Metropolitan Habitat for Humanity; Richmond Redevelopment and Housing Authority; and, Southside Community Development and Housing Corporation to redevelop and facilitate the homeownership and rental opportunities of the acquired properties.

Currently, 20 vacant and foreclosed properties have been acquired under the Neighborhood Stabilization Program and are currently undergoing renovations. These properties will either be sold for homeownership or rented to persons whose total income is at or below the 120% Area Median Income (AMI). At least six homeownership opportunities will be created for persons who are at 50% or less of the AMI. Six rental units are proposed to be made available to low income persons who are at 80% or less of the AMI.

Marketing and sale of properties will be provided to income qualified households for homeownership at a discounted price consistent with program guidelines. Down payment and closing cost incentives will be available to qualified buyers seeking homeownership. The city’s non-profit partners will handle the sale and rental of all properties included in this program.

The following list is of the 20 foreclosed properties that are currently being renovated:

Church Hill Neighborhood
2614 P Street
1309 N. 23rd Street
822, 824, 826 N. 27th Street
1220 30th Street
1435 N. 32nd Street
1305 N. 37th Street

Highland Park Neighborhood
3600 Delaware Avenue
3315 Florida Avenue
1030 Fourqurean Lane
3020 Garland Avenue
509 Gladstone Avenue
1805 Rose Avenue
1700 4th Avenue
1201 Spruce Street
1203 Willow Street

Barton Heights Neighborhood
206 Home Street
1802 Monteiro Avenue
3023 Montrose Avenue

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