HUD Project

[vegasrocks]

HUD has funded a $60 million dollar project in Las Vegas to purchase, repair and resell foreclosed homes in the valley. This program began almost nine months ago and to date, they have only purchased and resold a total of five homes.

What they are trying to do is to stop the decline of neighborhoods being hit hard with foreclosures and the plan had been to buy hundreds of homes.

Officials in the area say that the problem is all of the rule changes and the amount of real estate investors swooping in.

They say that this program was put together basically on a whim and the language for it was written overnight. Terms were used which limit their capabilities even though that was not the intention. In other words, it was not carefully written.

It's a great program but needs tweaking and with only nine months left, there may not be enough time for the program to do much good.