Habitat for Humanity to Refurbish REO Homes

As reported by DSNews.com, Habitat for Humanity is making use of REO properties, by turning them into low-cost housing. The organization, which builds homes for free to provide affordable homes, is teaming up with the National Community Stabilization Trust, in order to purchase these run-down foreclosed homes and renovating them. Through the trust’s Property Acquisition Program, the non-profit can benefit from having “first look” at bank-owned properties before they go on sale to the public, for the initial 2 years of the partnership. This will allow Habitat for Humanity to be able to pick and choose properties which they can best clean up and make available as housing to low-income families. Through HUD’s Neighborhood Stabilization Program (NSP), these families which have been affected by the high foreclosure rates, will be able to secure loans to purchase these houses. The group hopes to have hundreds of home available in the next 2 years. Habitat for Humanity, founded by Millard and Linda Fuller in 1976, uses volunteer labor to keep costs as low as possible allowing low-income families to own their own home at very affordable costs. Homeowners are chosen depending on those who most need it, (regardless of race, gender, religion etc.) and are also expected to give back to the community through volunteering their time at of Habitat sites.

Allowing Habitat to have the “first look” could help stop the trend of the almost domino effect foreclosures have on a neighborhood. Stephen Seidel, senior director global programs for Habitat for Humanity International, recognizes that the organization will have a wider impact on communities, “The ability to purchase foreclosed houses before they hit the open market positions Habitat to make a bigger impact in communities hardest hit by the foreclosure crisis.”

Bank of America, Chase, Citi, Fannie Mae, Freddie Mac, GMAC, and Wells Fargo are just some of the lenders whose REO listings are being made available to NSP grantees. Says Seidel, “We are excited for the opportunity to help rebuild communities which have been negatively impacted by the foreclosure crisis, while assisting people in need of affordable housing.”

Go to the Original Source of this Post>>
Warning: require(/home8/gocolora/public_html/wp-content/themes/default/comments.php) [function.require]: failed to open stream: No such file or directory in /home8/gocolora/public_html/wp-includes/comment-template.php on line 881