$80M In Stimulus Cash Left To Rehab Homes, Jump-Start LA Sales
LOS ANGELES (CBS) — The mayor and U.S. housing officials on Thursday touted a renovated home in South Los Angeles as one local success story in a nationwide federal stimulus program.
KNX 1070′s John Brooks reports Mayor Antonio Villaraigosa led a tour of the home on West 66th Street that was bought, renovated and sold through a program that uses stimulus money.
The city was awarded $143 million through the Neighborhood Stabilization Program and still has a remaining $80 million left to spend to fix up and sell properties in the city’s worst real estate markets.
“Look at what this used to look like and look at it today,” said Villarigosa. “What a beautiful renovation and rehabilitation.”
The new owner paid $178,000 for the home, money that will go towards buying and rehabilitating other blighted houses, apartments and condos around the city.
Despite these local successes, however, Congress is not expected to launch another stimulus program.