Sun Valley, NV - Many neighborhoods here in the Truckee Meadows continue to feel the burden of the high foreclosure rates, but one government funded program is trying to change that.
The city of Reno’s Housing Authority is swooping in on bank-owned properties in a time when many people are walking away from their homes. Today the organization celebrated making its hundredth foreclosed home purchase. That home is on Micmac Court in Sun Valley.
The housing authority hopes that buying empty homes will someday drive up prices of other homes in the neighborhood. David Morton with the housing authority says, “It's good for the community, it's good for people that need work and it's particularly nice for those neighborhoods to have someone living in the vacant eye-sore that's on their street."
Stay-at-home-mom, Sharon Cabongan benefited from the program. She says being able to rent a three bedroom house in this economy is a “blessing.”