Will County Neighborhood Stabilization Program ranked second in country
County program becoming model for nation
Will County continues to be a leader in the Neighborhood Stabilization Program as the United States Department of Housing and Urban Development announced this week the county’s program has moved to the nation’s No. 2 spot.
The County has successfully reinvested nearly all of the original $5.16 million in grant dollars and has earned an additional $5.3 million through the purchase and resale of foreclosed homes in the County. The grant dollars came from the $3.9 billion Housing and Economic Recovery Act of 2008 which was created to help stabilize areas hit hard by foreclosures and provide affordable home-ownership opportunities to qualified buyers.
To date, 75 homes have been resold with all of the proceeds going back into the program for future property acquisitions and renovations.
“The success of the county’s NSP is helping protect our communities,” said Will County Executive Larry Walsh. “Finding owners for these empty homes is helping to stabilize neighborhoods across the county.”
Tom Mulvey, a Joliet Realtor, has been involved with the county’s NSP since its inception in 2009. He said he has sold approximately 50 homes through this program.
“This is a great program that opens the doors to homeownership for many residents in Will County,” Mulvey said. “I clearly remember the first home I sold under this program was to a local man who had been a lifelong renter and through the county’s program was finally able to purchase a home of his own.”
Mulvey said the NSP is appreciated by many long-time homeowners as well.
“Neighbors appreciate the county’s program because reselling these homes is saving their neighborhoods.”
Walsh said the program’s success has also had a significant economic impact on the community adding an estimated $27 million in economic activity and the saving or creation of numerous jobs.
“This program has become somewhat of a local stimulus program,” he said. “We are using local labor to rehab these homes. But as importantly, we have helped 75 families realize their dreams of owning a home.”
For more information regarding Will County’s NSP program, or “Project Rebuild” contact: Tim Mack, Will County NSP Program Manager, (815)774-7892 or email firstname.lastname@example.org.