Developer Awarded an Additional 1.6 Million Dollars to Carry out The Neighborhood Stabilization Program

For Immediate Release
Eric L, Haynes
Inner Urban Asset Management of Ft. Lauderdale, LLC.
Phone: (954) 739-9691
Fax: (954) 739-9907

Lauderdale Lakes, Florida – 9/22/11 – Recognizing the success that Inner Urban Asset Management (Inner Urban) had had purchasing, rehabilitating, selling and leasing foreclosed homes, both the town of Davie, FL and the City of Ft. Lauderdale, FL has decided to increase Inner Urban’s existing Neighborhood Stabilization Program (NSP) funding by $992,791.50 and $608,368.40 respectively.

Inner Urban under NSP 1 was awarded over 3 million dollars to purchase, rehabilitate, and sell or lease foreclosed properties for the purposes of stabilizing the housing base in both cities. Once rehabilitated, Inner Urban either sells the properties at cost (what Inner Urban paid for the home and the cost for rehabilitation) or appraised value, whichever is less, to income eligible households earning no more than 120% of the area median income. In addition to purchasing a home without the typical investor mark-up, homeowners are often awarded additional funding in the form of a deferred second mortgage in amounts up to $70.00.00.

“NSP has proven to be an extremely effective component of the Economic Stimulus plans of both Presidents Bush and Obama. Not only does the community benefit from the eradication of the blighted conditions associated with foreclosures, individuals are afforded the opportunity to purchase a home and the local economy enjoys the benefit of, in our case, an infusion of over 4.5 million dollars that recycles until all funds are exhausted” says Eric L. Haynes, Chief Executive Officer of Inner Urban.

For additional information on the news that is the subject of this release, contact Eric L. Haynes at (954) 739-9691.

About Inner Urban Asset Management of Fort Lauderdale, LLC:
Inner Urban, is a full service Real Estate Asset Management, General Contracting, Real Estate, Development and NSP developer. The company via its wholly owned subsidiaries provides real estate acquisition, construction, development and asset disposition services to government entities, syndications, private equity funds and residential and commercial clients along the Southeastern Coast of the United States.

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