Gwinnett County Commissioners on Tuesday renewed its federally-funded Neighborhood Stabilization Program, which provides money to buy, rehabilitate and sell foreclosed single-family homes in distressed neighborhoods.
The program, now in its fifth year, has spent $23.8 million in rehabilitating of more than 100 homes and 92 townhomes — or about $124,000 per residence.
This year’s renewal is $500,000, which is provided by the U.S. Department of Housing and Urban Development. The program is expected to be closed out next year. “We’re ramping down,” county spokesman Joe Sorenson said.
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