$13.5 million in Neighborhood Stabilization Funds awarded to Idaho communities to stabilize neighborhoods and address foreclosed properties

BOISE, ID – May 12, 2009 – (RealEstateRama) — Idaho communities feeling the effects of foreclosures in area neighborhoods will benefit from funding recently awarded by Idaho Housing and Finance Association (IHFA). IHFA, the administrator of the program, has conditionally awarded $13.5 million in Neighborhood Stabilization Program (NSP) funds to help Idaho communities facing increased numbers of foreclosed and abandoned homes.

This funding, part of the Housing and Economic Recovery Act of 2008, will allow communities to purchase and redevelop abandoned and foreclosed homes and either resell them to eligible homebuyers or use them as affordable rental properties to expand permanent special needs housing. Funding was allocated to areas of greatest need across the state – determined by the greatest percentage of home foreclosures; the highest percentage of homes financed by a subprime mortgage; and the likelihood of facing significant rises in the rate of home foreclosures.

“A foreclosed or abandoned home has a lasting impact on a neighborhood and community. Surrounding property values decline, and the home falls into disrepair. NSP aims to halt and reverse that downward trend,” says Gerald Hunter, president and executive director of IHFA. “As the administrator for the program, our goal is to put these funds to their best use in the hardest-hit areas of the state.”

Grantees, listed below, were awarded funds through a competitive application process. Local government, housing authorities, tribes, and nonprofit housing providers were eligible to apply for this funding. All NSP funds must be committed within 18 months, and expended by March 16, 2013, when the program ends. For further information on how these funds will be used within the communities, please contact the grantee.

Ada County
Ada County Housing Authority (Kuna and Meridian properties): $1,734,700 for the purchase, rehabilitation, and resale of foreclosed properties to homebuyers and the purchase and rehabilitation of rental properties.
Contact: Deanna Watson, (208) 345-4907 or dwatson (at) bcacha (dot) org

City of Boise: $1,657,564 for the purchase, rehabilitation, and resale of foreclosed properties to homebuyers.
Contact: Jerry Todd, (208) 384-4428

Bannock County
City of Pocatello: $739,410 for the purchase, rehabilitation, and resale of foreclosed properties to homebuyers.
Contact: Lee Ann Dutton, (208) 234-6186, ldutton (at) pocatello (dot) us or Melanie Gygli, (208) 234-6188, mgygli (at) pocatello (dot) us

Bonneville County
City of Idaho Falls: $1,044,041 for the purchase and rehabilitation of foreclosed properties for rental properties.
Contact: Jan Blickenstaff, (208) 612-8323, jblickenstaff (at) ci.idaho-falls.id (dot) us

Canyon County
Advocates Against Family Violence, Inc., Caldwell: $1,238,568 for the purchase and rehabilitation of foreclosed properties for rental properties.
Contact: Brenda Cameron, (208) 459-6279, bcameron (at) hopesdoor (dot) org

City of Nampa: $3,638,125 for the purchase and rehabilitation of foreclosed properties for resale to homebuyers and for the purchase and rehabilitation of foreclosed properties for rental properties.
Contact: Kristen Tyson, (208) 468-5430, tysonk (at) cityofnampa (dot) us

The Housing Company: $1,300,000 for the purchase and rehabilitation of foreclosed properties for resale to homebuyers and for the purchase and rehabilitation of foreclosed properties for rental properties.
Contact: Douglas Peterson, (208) 331-4765, douglasp (at) ihfa (dot) org

HoMS, Inc., Caldwell: $565,237 for the purchase and rehabilitation of foreclosed properties for resale to homebuyers and for the purchase and rehabilitation of foreclosed properties for rental properties.
Contact: Karen Frings, IHFA, (208) 331-4785, karenf (at) ihfa (dot) org

Kootenai County
North Idaho Housing Coalition, Coeur d’Alene: $1,138,076 for the purchase and rehabilitation of foreclosed properties for resale to homebuyers.
Contact: Homebuyer Hotline, (208) 665-HOME (4663)

Balance of State
City of Lewiston: $256,005 for the purchase and resale of foreclosed properties to homebuyers – the funds will be used for down payment assistance.
Contact: John Murray, (208) 746-1316, ext. 250

City of Pocatello: $260,590 for the purchase, rehabilitation, and resale of foreclosed properties to homebuyers
Contact: Lee Ann Dutton, (208) 234-6186, ldutton (at) pocatello (dot) us or Melanie Gygli, (208) 234-6188, mgygli (at) pocatello (dot) us

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Idaho Housing and Finance Association (IHFA), a financial services and housing business organization, provides funding for affordable housing in Idaho communities where it is most needed and when it is economically feasible.

Contact:

Idaho Housing and Finance Association.
565 W. Myrtle P.O. Box 7899
Boise, ID 83707-1899

Lisa Davis
Public & Media Relations Officer
Phone: 208-331-4858

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