Boyle Heights to get its own mortgage bail out

Foreclosure signs and notices are popping up all across the Eastside, with perhaps homeowners in Boyle Heights suffering the most. The number of Boyle Heights homes on the verge of falling into foreclosure number about 100, according to the city’s Community Redevelopment Agency. And that’s not counting the scores of earlier Boyle Heights foreclosures and auction sales The agency, worried about the blight and a possible increase in crime from having so many empty and foreclosed homes in one neighborhood, has teamed up with two nonprofits to limit the fallout. Under the plan, those two nonprofits would purchase the foreclosed homes and resell them to first-time buyers, who would get $75,000 worth of mortgage assistance from the CRA. The total bill would approach $1.3 million.

Where do other neighborhoods line up for help?

Photo from respres via flickr

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