Houses For Sale!

Monday, March 01, 2010

 
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2645 E. Ontario Street

NKCDC is proud to be partnering with the Redevelopment Authority of Philadelphia’s (RDA) on the Neighborhood Stabilization Program (NSP). The project, which is part of the national Neighborhood Stabilization Program, includes $16.8 million of federal money which will be allocated to the RDA to buy, sell, and renovate at least 200 foreclosed properties in Philadelphia.
 
The RDA is using these HUD funds to make loans to developers such as NKCDC to buy properties from banks, who will resell them to prospective homebuyers. Stable blocks with only one or two foreclosed properties will be targeted for this program, as to prevent a “domino effect” of  further foreclosures taking place on otherwise healthy blocks.

Potential homebuyers are required to go through NKCDC’s First-Time Homebuyer counseling program. This process includes a one-on-one session with a counselor as well as a four-hour workshop.

NKCDC is excited to be a partner and play a role in the City’s continued efforts to address the foreclosure crisis, not only through conducting outreach and offering counseling but by also placing new homeowners in recently foreclosed houses. The organization intends to rehabilitate even more foreclosed properties under the NSP  program throughout the year and place these properties  back into the hands of well-deserving homeowners.

For more information on the NSP program please visit the RDA's website or contact Kevin Gray, NKCDC’s Real Estate Director, at 215-427-0350 x 106 or kgray@nkcdc.org.