Funds Approved to Help Stabilize Reno's Real Estate Market
By Charlene Hamilton, Reno Relocation Real Estate
(Keller Williams Group One Reno)
Last week, the Reno City Council approved $4.5 million in funding to help stabilize Reno's real estate market. Three weeks ago, I told you in my blog, Reno and Sparks To Buy Foreclosed Homes, that the City of Reno and Sparks would be purchasing homes in an attempt to stabilize home values. The agreement reached between the Reno Housing Authority and the City Council is the next step. The federal funds will be received through the Neighborhood Stabilization Program and will be allocated to the Washoe County HOME Consortium. The City of Reno will purchase and rehabilitate foreclosed homes in three neighborhoods. The rehabilitated homes will then be sold or rented. When any of the homes purchased through the program sell, those funds will be used to purchase more homes. As you well ...