Will County Neighborhood Stabilization Progam honored
May 11, 2012 10:08PM
Updated: June 14, 2012 8:23AM
JOLIET — The U.S. Department of Housing and Urban Development announced the Will County Neighborhood Stabilization Program has moved to the nation’s No. 2 spot.
The county successfully has reinvested nearly all of the original $5.16 million in grant dollars and has earned an additional $5.3 million through the purchase and resale of foreclosed homes in the county. The grant dollars came from the $3.9 billion Housing and Economic Recovery Act of 2008.
To date, 75 homes have been resold with all of the proceeds going back into the program for future property acquisitions and renovations.
“The success of the county’s NSP is helping protect our communities,” Will County Executive Larry Walsh said. “Finding owners for these empty homes is helping to stabilize neighborhoods across the county.”
Tom Mulvey, a Joliet realtor, said he has sold approximately 50 homes through the program since its inception in 2009.
Walsh said the program’s success has had a significant economic impact on the community, adding an estimated $27 million in economic activity and the saving or creation of numerous jobs.
For more information, contact Tim Mack, NSP program manager at 815-774-7892 or email email@example.com.