RDA, City Officials Welcome Public to First House Completed Under Neighborhood Stabilization Program

The Fresno Redevelopment Agency and the City of Fresno today welcomed the public to visit the open house of the first house in Fresno to be completed under the federally funded Neighborhood Stabilization Program. The home is located at 1130 E. Franklin Ave., in the Lowell Neighborhood in downtown Fresno.

Marlene Murphey, Executive Director of the RDA, said, “The property located at 1130 E. Franklin is the first ‘abandoned’ home in the Lowell neighborhood to be acquired and rehabilitated through the Neighborhood Stabilization Program. This magnificent restoration is a jewel to the Lowell neighborhood, and the Agency is very excited to offer it for resale to an income qualified family.”

Mayor Ashley Swearengin added, “Our goal for our downtown neighborhoods is to restore them into mixed-income, attractive places that build on their historic character. Through projects like this one, we’re working hard to improve the quality of our neighborhoods and provide affordable places for our residents to live.”

The Neighborhood Stabilization Program (NSP) provides funds to cities and states to alleviate the damage caused in our neighborhoods as a result of the national foreclosure and economic crisis. The City of Fresno awarded $800,000 of NSP funds to the Fresno Redevelopment Agency to purchase, rehabilitate and re-sell homes to qualified homebuyers.

The Fresno Redevelopment Agency has utilized NSP in conjunction with Redevelopment Agency funds to meet the goals of the Program. To date, the RDA has purchased two homes in the Lowell Neighborhood and 11 homes in other NSP target areas. Eleven homes are currently being rehabilitated, and two have been completed.

The home at 1130 E. Franklin Ave. was purchased on Nov. 6, 2009, in response to the request by the City that NSP-assisted agencies prioritize NSP funds and revitalization efforts in the Lowell neighborhood.

This anchor home received a complete interior and exterior restoration including new kitchen, bathrooms, existing hardwood floor refinishing and landscaping to make it a gem that both agencies are proud to be partnering in.

The City also invites interested mortgage lenders/brokers to contact the City for participation in the Neighborhood Stabilization Program, and other City-funded homebuyer programs. Lenders/brokers will be required to meet certain City requirements to participate in the programs. Please contact 621-8300 for more information.