JVI Partners With Jacksonville to Reduce Foreclosure Blight
Officials selected JVI Appraisal Division to participate in the Jacksonville, Fla. Neighborhood Stabilization Program (NSP), which allocates grant funds for state and local governments to purchase and redevelop abandoned or foreclosed properties in areas hard hit by delinquency and foreclosure. In its role in the Jacksonville NSP, JVI will provide appraisals to help estimate the value of the properties both before and after refurbishment. “JVI is proud to be participating in a program that can play such an important role in rebuilding neighborhoods within Jacksonville," says JVI president and founder Ron Nation in a media statement today. "To have been selected for this program," he adds, "is quite an honor and an opportunity to help do our part in addressing the current housing crisis.” NSP finds its roots in the Housing and Economic Recovery Act of 2008, which appropriates $3.92bn of grant funds for the refurbishment program. WIth NSP funds, local governments can either redevelop foreclosed properties that otherwise pose risk for abandonment and blight in local communities, or demolish neglected structures to maintain safe neighborhoods and free up land for further development. Write to Diana Golobay.