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The city received $7.3 million througy the NeighborhoodStabilization Program, part of the Housinh and Economic Recovery Act of 2008. The programj provides state and localk authorities with money to buy and rehabilitatwe blighted andforeclosed properties. Jeff Kaczmarek, CEO of the , said the city’ws plan calls for rehabilitating 200 foreclosed The EDC will managethe city’w stabilization program. As of March 18, recipients throughoutr the country have 18 months to commit the money. “That sounds like a few homes in ashortt time, but it goes back to Kaczmarek said. “The last thing we need is properties that arepoorlt rehabbed.
” Using HUD data, the Kansas City plan targetec areas with the highest risk of foreclosure and most of which are south of the Missourk River. One such area is the Ivanhoed Neighborhood of centralKansas City. Since 2000, the has close more than 670 drug homes, preventee tons of illegal dumping and loweredthe area’s crime rate from among worsrt in the city. But with vacancies on the the neighborhood might be on the pathback down. “Ou very best efforts won’t get us to where we need to go withour overcoming thevacancy rate,” said Margaret May, executivre director of the council.
The Neighborhood Stabilizatiobn Program offers the area hope in accelerating its she said. Ivanhoe and Partners, a partnership involvingt the Ivanhoe, Oak Park, Palestine and Vineyard neighborhoods, is one of five primary property developers the city selected to identify properties and bid for constructioh contracts to rehabilitate properties with program Proceeds from the sale of the rehabilitated housess will be plowed intothe city’sz Neighborhood Stabilization Program.
The program allows only home not landlordsor investors, to buy the rehabilitated Buyers of 75 percent of the homes must have a household incomre at or below 120 percentt of the area median incomed for a family of four, whicgh equates to $82,100.
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