Mesa gets HUD money to buy homes in light rail corridor

Wednesday, June 8, 2011
courtesy of the East Valley Tribune

HUD awarded Mesa money to also buy homes in the new Mesa light rail extension corridor. $4 million worth.

Mesa has been awarded $4 million to continue its program of buying foreclosed or abandoned homes so they can be renovated and resold to stem declining property values.

The funds from U.S. Department of Housing and Urban Development will be used largely within a half-mile of the planned Metro light-rail extension, from Mesa Drive to Gilbert Road and from University Drive to Broadway Road.

Mesa has already received more than $9.6 million from HUD that it has used to buy and refurbish about 40 homes in the 85204 ZIP code.
The city offers homes in the Neighborhood Stabilization Program to buyers with limited incomes who must make part of a down payment, secure a 30-year, fixed-rate loan, complete home buying counseling and live in the home at least 15 years. Those who qualify will receive assistance with the down payment and closing costs.

For more information about the program, call (480) 644-3536.

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