NEWS - Commercial Real Estate

Garden City, an award-winning Chatham County municipality, recently used Neighborhood Stabilization Program Grant funds to purchase three foreclosed homes, which will be renovated and made available to first-time homebuyers at a reduced cost in early 2011.

“We are delighted to make these improvements in Garden City’s historic neighborhoods,” said Brian Johnson, City Manager for Garden City. “We are using this grant wisely to improve Garden City and maximize the benefit for our residents.”

The single family homes are located in priority areas identified by the U.S. Department of Housing and Urban Development. Garden City partnered with Neighborhood Improvement Association, a local non-profit organization, to purchase and renovate the homes.

Potential homebuyers are encouraged to register at City Hall at the Garden City Town Center to attend a special homebuyer education workshop, which will include information about available grants and loans. Garden City selected a team – including War on Poverty-Florida, Inc.; ALGA, Inc.; Neighborhood Improvement Association and led by Garden City Town Center, LLC – to undertake this project.

“These homes will be affordable,” said Karen Landry, executive director of War on Poverty-Florida, Inc. in Jacksonville, Fla., a partner in Garden City’s Neighborhood Stabilization Grant efforts. “It’s a win for the City of Garden City and for the residents in the area. This is a great opportunity to attract new homeowners to Garden City.”

Garden City is one of 23 communities statewide to receive the grant from the State of Georgia’s Department of Community Affairs earlier this year. The Neighborhood Stabilization Program Grant is designed to reduce blight and encourage investment. Garden City has the distinction of being the only municipality in Chatham County to receive this competitive grant. Local governments can use the grant funding to acquire foreclosed residential property, raze dilapidated properties to reduce neighborhood blight or rehabilitate abandoned properties.

“The Neighborhood Stabilization Program offers a well-timed funding source for communities addressing foreclosed and abandoned residential properties by eliminating blight and creating an environment for future investment,” said Mike Beatty, commissioner for the Georgia Department of Community Affairs. “When completed, these projects will have a positive and stabilizing impact in communities statewide.”

The U.S. Office of Housing and Urban development’s Neighborhood Stabilization Program was created under the Housing and Economic Recovery Act of 2009 and is providing nearly $4 billion to states and communities experiencing high foreclosure problems and elevated risk of property abandonment.

“We appreciate this generous funding from the state and the opportunity to make key improvements in Garden City,” said Johnson. “This grant will enable us to stabilize our historic neighborhoods and to encourage additional investment in Garden City’s future.”