From the Atlanta Journal Constitution:
Even though the Neighborhood Stabilization Program was designed for quick results, it hasn?t produced anything so far but lots of red tape and policy debate among local government officials.
Local officials say it will be at least June before the first property gets bought or hammer gets swung. The first results on any scale now aren?t expected until late summer at the earliest.
The Neighborhood Stabilization Program is supposed to help shore up neighborhoods by having local governments buy, repair and sell distressed properties to low- and middle-income buyers. They can also rent properties that don?t sell.
The article also quotes unnamed federal officials who say the NSP is moving at a breakneck speed for a new federal program. From what I can tell, that definitely appears to be the case. Let’s hope the red tape delays are because of strict oversight.
HT: Michael Sanera.
