No eminent domain plan in North Las Vegas
Photo: Video by ktnv.com
North Las Vegas , NV (KTNV) -- The North Las Vegas City Council voted down a controversial plan to use eminent domain to prevent foreclosures on Wednesday evening.
The decision was unanimous.
The city would have allowed a third party group to take underwater mortgages from banks and refinance them to struggling home owners. The program would have been voluntary and aimed at keeping residents from loosing their homes.
The program is being tried out of state, but has not been completed successfully.
Threats of costly lawsuits also factored into the council's decision.
The Greater Las Vegas Association of Realtors has been against the plan. They issued a statement supporting the council's decision.