PHOENIX — When President George W. Bush signed the Housing and Economic Recovery Act of 2008, it made about $4 billion available for cities to buy, rehab and resell foreclosed homes.
The idea was to help areas hardest hit by foreclosures, including the Valley.
Phoenix has received about $115 million under the Neighborhood Stabilization Program. According to a city council report, Phoenix has addressed 2,584 vacant, foreclosed housing units, the majority being apartments.
Phoenix has completed rehabilitation on six apartment complexes with construction at Sante Fe Springs and Ocotillo Apartments to be finished soon and rehab at Park Lee Apartment to be completed in December.
Phoenix has also bought more than 400 foreclosed homes that have been rehabbed and sold or are in the process.
Buyers must meet income requirements and some get closing-cost help. Another 100 homes in Phoenix are being or have been demolished for future development.
Mesa has received about $15 million under the program. The city has used its federal funds to buy, rehab and resell about 50 homes, including the home in the video below.