LOS ANGELES, July 18, 2012 (GLOBE NEWSWIRE) -- The foreclosure crisis has left neighborhoods riddled with neglected and abandoned homes. Real estate experts report that moving homes from foreclosure to new ownership is a challenge, especially in Central, East, and South Los Angeles and select areas in the San Fernando Valley where a majority of households have income below 120 percent of the area median income.
Restore Neighborhoods Los Angeles (RNLA) has taken an innovative approach to address the foreclosure crisis and the homeownership dilemma, and at the same time, sustain the environment, one street, one family at a time. On Thursday, July 19 from 3-5 p.m., RNLA unveils the completion of construction on its 100th property milestone by conducting a property tour of one of its recently-renovated homes located at 232 W. 46th Street in Los Angeles. Immediately following the tour is a reception at the RNLA headquarters at 315 W. 9th Street, Suite 501 in downtown Los Angeles.
"We are very proud of our work in the City of Los Angeles in communities hardest hit by foreclosures," said RNLA Executive Director John Perfitt. "Thanks to our partners at the City of Los Angeles Housing Department and the United States Department of Housing and Urban Development, we are providing some very significant investment to some very deserving communities." RNLA is acquiring properties that once were in blighted neighborhoods and transforming them into new homeownership opportunities and community parks. RNLA is also creating more sustainability in these neighborhoods by rehabilitating many of our homes to the coveted Enterprise Green Communities standard.
"RNLA brings value to neighborhoods and has helped to revitalize the local economy for realtors and contractors," said Butch Grimes, real estate broker and We Talk Real Estate Radio Show Host. "The homes are stripped down and renovated with many green technology features, such as tankless water heaters, drought-tolerant landscaping, bamboo flooring, low-VOC paint, recycled ceramic tile, and many other major upgrades."
In addition to its single family rehabilitation program, RNLA is currently working on the rehabilitation of several multifamily units in South Los Angeles, and plans to construct 23 brand new housing units over the next year. RNLA plans to construct up to nine of these 23 homes as zero-energy homes. This is a pilot project where each of these homes would produce enough electricity onsite that the average homeowner would not have to pay for electricity.
About Restore Neighborhoods Los Angeles, Inc.
Established in January 2009, RNLA, a nonprofit holding and development corporation, purchases foreclosed or abandoned properties at a discount from lenders and loan servicers for resale to qualified owners. The Los Angeles Housing Department worked closely with Enterprise Community Partners to establish RNLA as a community-based development organization. Connect at www.RN-LA.org, Facebook, or call (213) 270-1720.