Showing posts from September 26, 2010

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 f