ST. LOUIS, Mo. – The “Prop NS” program was approved by voters in 2017. The program is now ready for people to nominate abandoned properties. The commercial buildings, homes, and vacant lots are real estate owned by the city’s Land Reutilization Authority. The city is spending $6 million per year on LRA properties to help rehabilitate them for neighborhood stabilization.
The aim is to help rebuild neighborhoods with abandoned properties. They want to keep the buildings from deteriorating and make them more attractive to potential buyers.
“There are many vacant houses in our City right now that just need a little extra work and attention to make them more appealing to potential buyers looking to invest in our diverse network of neighborhoods. All at once, Prop NS helps us preserve these structures, attract new residents, fight illegal activity and blight, and reduce our maintenance costs. It’s a win-win for the community,” writes Mayor Krewson.
The website has a nominating process for LRA properties. The program is ready to go and there is a committee that oversees the approval process. Buildings certified as fully stabilized will be listed here as available for purchase.
The program is funded in up to $40 million in bonds.