January 18, 2012

City Sells First Neighborhood Stabilization Program Home

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Three years ago, the City of Elgin, Illinois was awarded $2.16 million in Neighborhood Stabilization Funds to buy, renovate and sell properties in distressed housing markets.  Today, the City sold one of its first properties to a first-time home owner.

Elizabeth Femal recently became a first-time home buyer, and the first person to purchase one of the properties the city of Elgin bought and rehabbed with federal Department of Housing and Urban Development Neighborhood Stabilization Program money.

In a process that began more than three years ago, the city received $2.16 million in federal NSP funds to buy, renovate and sell properties in the distressed housing market. Any money made on such sales is required to be put back into the program until that money runs dry.

Read more at CourierNews.com

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