Wednesday, June 24, 2009
The City of Arlington has money to give away for families who want to buy foreclosed homes. They just received $880,000 from the government for a new program designed to target two areas with the most foreclosed homes.
Randy Warren lives in a neighborhood with a number of foreclosures. He hasn't seen his neighbor for six months. "I think we found out it was foreclosed a month or two ago," he said.
Arlington reached its highest peak for home foreclosures in February of 2008. The next highest peak was April and May of 2009.
"I think it'd be great to have the houses filled up. But, I'd be worried about where the money is coming from," Warren said with apprehension.
With nearly $900,000 from the U.S. Department of Housing and Urban Development for their new Neighborhood Stabilization Program, the city thinks the houses will fill up.
"We haven't seen programs like this before," explained Mind Cochran, the city's Acting Housing and Operations Manager.
The major difference with this program – it has higher income level limits. "A family of four could still earn in the low 70's and still be eligible for this program," Cochran said.
The money would not only help a family get into a home, but fix it up as well. Cochran says the program gives, "$10,000 toward principal reduction and closing costs and up to $24,500 for rehabilitation work on the home."
Another resident in the targeted foreclosed home area is Lynn Laroch who said, "All the foreclosures and all that, it causes our houses to go down, so it would be good to have steady neighbors."
Ultimately, officials in the City of Arlington are hoping that 25 families will find new homes and neighbors. But, the program is so new only one person has applied.
Randy Warren lives in a neighborhood with a number of foreclosures. He hasn't seen his neighbor for six months. "I think we found out it was foreclosed a month or two ago," he said.
Arlington reached its highest peak for home foreclosures in February of 2008. The next highest peak was April and May of 2009.
"I think it'd be great to have the houses filled up. But, I'd be worried about where the money is coming from," Warren said with apprehension.
With nearly $900,000 from the U.S. Department of Housing and Urban Development for their new Neighborhood Stabilization Program, the city thinks the houses will fill up.
"We haven't seen programs like this before," explained Mind Cochran, the city's Acting Housing and Operations Manager.
The major difference with this program – it has higher income level limits. "A family of four could still earn in the low 70's and still be eligible for this program," Cochran said.
The money would not only help a family get into a home, but fix it up as well. Cochran says the program gives, "$10,000 toward principal reduction and closing costs and up to $24,500 for rehabilitation work on the home."
Another resident in the targeted foreclosed home area is Lynn Laroch who said, "All the foreclosures and all that, it causes our houses to go down, so it would be good to have steady neighbors."
Ultimately, officials in the City of Arlington are hoping that 25 families will find new homes and neighbors. But, the program is so new only one person has applied.
posted by Avoid foreclosure, We buy houses, Stop foreclosure
@ 11:50 PM
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