The Winston-Salem Journal has high hopes for the federal Neighborhood Stabilization Program, which the city and Forsyth County hope will provide $5.2 million in funding to help potential owners buy foreclosed houses.

The Journal also has high hopes for the renovation of Cherry Street neighborhood, which has hit a few snags over the years:

The city mapped out a plan in 2003 to renovate and improve the neighborhood, and authorized $1.7 million for the work. The city bought houses, apartment buildings and vacant lots, and demolished buildings that couldn’t be renovated. The work slowed over debates about whether the historic value of some of the houses in the neighborhood outweighed safe housing. Ultimately, some of the houses in question were preserved, and others were destroyed. The council’s vote last week ensures that the program can finally move forward.

Government involvement in the housing industry —- the source of eternal optimism for politicians, bureaucrats and editorial pages everywhere.