Louisville has received nearly seven-million dollars in funds from the federal government to buy up foreclosed properties in specific neighborhoods and renovate them. It’s an effort to prevent property values from falling.
The money comes from the Neighborhood Stabilization Program approved by Congress in last year’s Economic Recovery Act (2008). Mayor Jerry Abramson says they’re targeting the neighborhoods of Shawnee, Newburg, Park DuValle, Portland and Shelby Park, where foreclosure rates are high.
“Some of these homes may, unfortunately, we fear, have to be torn down and that is unfortunate,” says Abramson, “but our goal is to save and recycle as many as possible.”
Abramson says officials hope to purchase as many as 100 homes, and donate them to non-profits for renovation.