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December 6, 2009

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Fannie Mae helps Windsor Park relocation plan in North Las Vegas

Thursday, Feb. 11, 1999 | 11:32 a.m.

Fannie Mae has purchased a $4 million bond from the city of North Las Vegas as part of the city's relocation efforts for homeowners in Windsor Park, a subdivision with 241 homes that are considered uninhabitable.

The 10-year, general obligation bond allows the city to continue its Windsor Park Housing Revitalization Plan, which offers qualified residents $50,000 to help purchase another residence within the city limits.

Residents of Windsor Park, a 30-year-old subdivision, began experiencing damage to their homes' foundations due to soil problems more than a decade ago. Since 1988 the city has offered financial assistance to help residents move to other North Las Vegas neighborhoods.

The bond gives the city immediate access to funds, which allows it to speed up the relocation effort by as much as 10 years.

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