LAS VEGAS -- A neighborhood in the northwest part of the Las Vegas valley is getting millions of dollars from the federal government to rehabilitate abandoned and foreclosed homes.
The neighborhood which is bordered by Gowan Rd., Buffalo Dr., Alexander Rd., and El Captain Wy. has 125 homes that have been vacant for more than 90 days.
The 2,400 home neighborhood is the only one in the city of Las Vegas that qualified for the federal money. The money will be used to spruce up the homes and get people moved into them.
"I think it's a great thing if people can get a federal program to move back into the neighborhood and fix the houses up, put in new trees and plants and make everything look nice," said Bruce Nygren, homeowner.
Nygren has lived in the neighborhood for 16 years and takes pride in his home but neighboring foreclosures are dragging down the value of his home.
The $10.4 million will be used to revitalize 56 homes in the area by making them affordable to rent or buy. A family of four will qualify to buy a home if their annual income is about $79,000. A renting family of four can not have an income that exceeds $32,850.
"The more you let these homes deteriorate, the more that the neighborhood goes downhill and becomes crime ridden so it's unfortunate we have a neighborhood like that in Las Vegas but I'm glad that we're going to be able to go in there and really work to fix the places up," said Stavros Anthony, Las Vegas city councilman.
The city plans to spend $6.2 million on buying and rehabilitating 40 homes. The city will use another $300,000 to help people buy homes. Another 16 homes will be purchased for $2.6 million and rented to families. There will be $1.2 million slated for administrative costs.
