In order to fight the foreclosure epidemic and stabilize housing values, the City of Long Beach has been awarded $22 million in Stimulus funding that will be used in partnership with Habitat for Humanity to establish financing, purchase and redevelop foreclosed-upon homes.
“Vacant homes often lead to reduced property values, blight and neighborhood decay,” Mayor Bob Foster said in a statement. “This important investment will help revitalize parts of Long Beach that have been hit hard by the housing crisis and will benefit the entire City by stabilizing neighborhoods, improve homeownership and promote community pride.”
The lbpost.com will have much more on this funding and its uses in the coming days.