Thursday, May 28, 2009

AJC: Atlanta to pick Neighborhood Stabilization Program contractors

Posted By on Thu, May 28, 2009 at 3:45 PM

Atlanta neighborhoods burdened by abandoned or foreclosed homes might soon see a little help thanks to nearly $14 million in federal funds.

From D.L. Bennett at the AJC:

Atlanta has chosen 15 local companies to split nearly $14 million in hopes of combating the foreclosure crisis that’s left several neighborhoods in the south and west parts of the city struggling for survival.

Atlanta is the first city to award money under the federal Neighborhood Stabilization Program.

The Atlanta City Council has already agreed to give four companies about $3 million obtained from the program that will pay for flipping houses to fix troubled neighborhoods.

On Monday, the council plans to award its remaining $11 million to 11 more companies who are all promising to repair and either sell or rent homes and apartments in some of the city’s toughest neighborhoods.

Bennett has more details on the different companies and what they propose.

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