Las Vegas NowHousing program hasn't led to home purchases
Associated Press - November 8, 2009 4:35 PM ET
LAS VEGAS (AP) - An 8-month-old program aimed at stabilizing Las Vegas Valley neighborhoods by allowing local governments to buy, renovate and then sell homes to low-income families hasn't resulted in any families moving into homes yet.
The U.S. Housing and Urban Development Department gave Las Vegas Valley municipalities $64.3 million this year to buy homes. The Las Vegas Sun reported Sunday that only five homes been purchased by local governments.
Officials say the primary obstacles hampering local governments in launching the program have been ongoing changes in rules and the volatility of local real estate due to investors suddenly taking interest.
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