Foreclosed Homes Repaired, Remodeled For Resale
A unique partnership of Realtors, bankers, non-profits and civic leaders are banding together to sell over a hundred homes to low and moderate income buyers.
These were foreclosed homes in 15 communities in Wayne, Oakland and Macomb Counties that have been repaired and remodeled for sale at bargain prices.
Through the coalition’s partnership with the Neighborhood Stabilization Program under the federal Housing and Recovery Act of 2008, down payment assistance is being made available to qualifying home buyers with a minimum income of at least $1,200 per month. Assistance and credit counseling are available through several government programs.
Shannon Morgan, Vice President of Home Renewal Systems says the program will help reduce neighborhood blight.
“With the amount of homes sitting on the market, you see further deterioration, it leads to theft, vacant homes in the communities,” she said.
Michigan Association of Realtors President Claire Williams points out how the program returns housing to local tax rolls, while it improves the quality of life for residents and their communities.
Michigan foreclosures are selling at a 40 percent discount, among the highest in the nation according to REaltyTrac’s third quarter data report released last month. The average foreclosure sales price in Metro Detroit in late 2010 was $48,719.
Qualified buyers will also get down payment assistance with help through federal aid. More information is available at http://www.homerenewalsystems.com/.