National Rehab Properties Inc., New Orleans, has announced the receipt of a $2.5 million loan commitment from Realty Money Center, Las Vegas, for the purchase and rehabilitation of homes.Richard Astrom, president and CEO of NRPI, said the credit facility is "especially attractive" because the mortgage for each home is assumable by the eventual homebuyer. NRPI is rehabilitating homes in New Orleans and selling them to first-time homebuyers via affordable housing programs. The company is converting many two-family homes to single-family residences. Its website address is http://www.nrpi.com.
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