Reid, Goodman tour foreclosed homes, present remedy

Wednesday, Oct. 22, 2008 | 3:48 p.m.

Foreclosure Tour

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Senate Majority Leader Harry Reid and Las Vegas Mayor Oscar B. Goodman toured the Las Vegas neighborhood with the most foreclosures today and revealed a plan to reverse the damage.

The neighborhood, at Zip Code 89131, contains two-story middle class homes. Reid said that when he was practicing law and looking for a home, the neighborhood was too expensive for his family — and now the value of these homes has fallen more than 25 percent.

During the neighborhood tour, one resident ran up to Goodman and explained that her home was valued at $430,000 and she would be lucky to get $315,000-310,000 for it today.

The Neighborhood Stabilization Plan (NSP) was established through the $70 million Nevada received from Congress through the Housing and Economic Recovery Act. The City of Las Vegas is expected to receive $14.7 million and Henderson will receive $3.2 million.

The NSP will be administered by the department of Housing and Urban Development and will be presented to Las Vegas City Council Nov. 19 and the funds should be available by January, according to Reid.

The preliminary outline for the plan allocates the money in three separate sets: a portion of the funds will go toward a mortgage assistance program, another portion will go toward a lease-to-own program and another portion will go to create partnerships with local nonprofits and secure professional services, like appraisals, housing credit counselors and brokers. In order for households to benefit from the mortgage assistance and lease-to-own programs, they must earn 120 percent of an area's median income or below.

“It takes 100 days for a foreclosure to go into effect, we need to do something before that happens,” Reid said.

Discussion: 10 comments so far…

By 2zero

10/22/08 at 5:45 p.m.

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Why did I get the theme song from the "Odd Couple" in my head????

Second thought; "hey pot meet kettle".
By 2zero

10/22/08 at 6:04 p.m.

Suggest removal

How about this possible conversation;

"remember when I ran Vegas at night and you did by day...hey not much has changed, you want some gin in your coke it is great in my coffee".
By revtomperl

10/22/08 at 8:07 p.m.

Suggest removal

Where are the HUD officials? Why don't they come out and make this stuff work. You know the Las Vegas HUD officials - the feds in Las Vegas?
By KDR81

10/23/08 at 8:10 a.m.

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They want both affordable housing and high priced homes.

Wow, next we will see them pull a rabbit out of a hat.
By neiman1

10/23/08 at 8:38 a.m.

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Reid caused this with his support for ACORN and Fannie Mae's stupid lending theories. Now he is going to save us "with more of the same". We have met the enemy, and it is Reid and Obama. Let's keep America from drilling and see how fast gasoline goes back up.
By neiman1

10/23/08 at 8:41 a.m.

Suggest removal

Does harry Reid support ACORN and Rev. Wright's plan for America to pay reparations to all slave descendants? Yea Obama.
By redferret

10/23/08 at 9:28 a.m.

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quit fear mongering and race baiting neiman. Obama isn't going to pay out reparations. Where do you get your stuff, the bizarro zone?
By azsk8fan

10/23/08 at 2:52 p.m.

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And besides, everyone knows the black africans were the ones who sold their own people into slavery to the 'white man'.....so who really owes who?
By Sunlizard

10/24/08 at 7:39 a.m.

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"And besides, everyone knows the black africans were the ones who sold their own people into slavery to the 'white man'.....so who really owes who?"

WTF? This has to be a racist from the Las Vegas Valley. More losers per square inch trhan any other city...
By jaytoo

10/24/08 at 1:22 p.m.

Suggest removal

...the remedy?
One...get the unions to see how the high wages are hurting America-why?...our jobs in China-they should be here!
Then-show Americans that a house does not make the family-a home does. Employ bulldozer operators to push down the huge waste of materials and teach families the way of frugal living...I'm not at all impressed with 400,000 dollars homes,are you?