BiggerPockets

Why Invest in Las Vegas?

Thursday, October 23

Several homes are now empty because of foreclosures. The vacated houses sit inside a northwest Las Vegas ZIP code that has more than 1,500 foreclosures.

"We knew who our neighbors were," Soudbakhsh said. "Now, we don't even know who's next to us."

Against that backdrop Wednesday, Senate Majority Leader Harry Reid talked up the new Neighborhood Stabilization Program, which provides money aimed at getting people into empty, foreclosed homes so that the properties don't continue to bring down their neighborhoods.

He was joined by Las Vegas Mayor Oscar Goodman, Las Vegas City Councilman Steve Ross and Phyllis Hargrove from the U.S. Department of Housing and Urban Development.

The $3.92 billion Neighborhood Stabilization Program is part of recently passed federal housing legislation. Nevada is in line to receive $72 million targeted at foreclosed and abandoned properties, including $22.8 million for Clark County and $14.8 million for the city of Las Vegas.

North Las Vegas has $6.8 million coming, and Henderson will have $3.2 million.

The funds can be used to buy property, demolish or rehabilitate properties, and offer help with down payments and closing costs for low- to moderate-income home buyers.

"Plans for the funds are due Dec. 1, and the money is expected to be available in mid-January, Goodman said.

From the Las Vegas news journal October 08'

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