NeighborWorks Waco - PEARLS Program

NeighborWorks Waco was recently awarded $1.1 million by the Texas Department of Housing and Community Affairs as part of their NSP (Neighborhood Stabilization Plan). The NSP program provides funds to purchase foreclosed or abandoned homes and to rehabilitate, resell, or redevelop these homes in order to stabilize neighborhoods and stem the decline of neighboring home values. The grant award plays a significant role for NeighborWorks Wacos PEARLS (Purchase-Efficient-Affordable Properties-Rehab-Lease-Sell) program, which aims to acquire 40 properties by Fall 2010 and lease them with an option to purchase. NeighborWorks Waco has acquired 20 properties as of October 2009, with nearly all rented or currently being rehabbed.

Category:

Nonprofits & Activism

Tags:

• Waco
• Texas
• affordable
• housing
• homes
• foreclosure
• Neighborworks