HOME NEWS News City to expand home foreclosure aid to raise post-graduate retention

City to expand home foreclosure aid to raise post-graduate retention

Written by John Harden, The Shorthorn senior staff

Tuesday, 09 March 2010 09:08 PM

With an average of 100 or more foreclosures a month in Arlington, the city will begin working on amendments to improve a stabilization program to reduce home closings in south and downtown Arlington. What's Next? The city is looking to expand on areas in south and downtown Arlington to receive aid to prevent home foreclosures. The council will vote on the proposed amendments on March 23. The Community and Neighborhood Development Committee announced Tuesday that they will propose an expansion of target areas for neighborhood redevelopment while maintaining a concentration on areas surrounding the university. The city has a lot of interest in stabilizing the downtown area, said Councilwoman Lana Wolff, who represents Arlington’s fifth district, which includes UTA. “It’s the students who decide to live in the area around the university after they graduate who help contribute to Arlington’s development,” she said. “It’s the city’s responsibility to make sure they have a place to live.” Wolff said the city’s helping neighborhoods stabilize will help keep graduates in Arlington. Click To Enlarge Currently, more than $2 million is allocated for neighborhood stabilization that will attempt to reduce the number of foreclosures. On March 23, the city council will vote to expand areas that receive funding. The city’s plans include providing homebuyer assistance, rehabilitating foreclosed homes and demolishing ruined structures, said David Zappasodi, community services assistant director. The funds come from a grant awarded by the U.S. Department of Housing and Development. In February, more than 317 properties posted for foreclosure and in March more than 380 filed. According to the report released by the city, Arlington averages about 100 foreclosures per month, Zappasodi said. According to data provided by Foreclosure Listing Service, Inc., properties for March rose 20 percent over February 2010, and increased 25 percent over March of last year. Views: 762 | E-mail   Be first to comment this article Only registered users can write comments. Please login or register. Powered by AkoComment Tweaked Special Edition v.1.4.6 AkoComment © Copyright 2004 by Arthur Konze - www.mamboportal.com All right reserved

Last Updated ( Tuesday, 09 March 2010 09:43 PM )

 

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