Raleigh, N.C. — Prospective homebuyers in parts of the state could benefit from a federal foreclosure-assistance grant that allows counties to buy and refurbish houses and resell them.
Local governments in 23 North Carolina counties that face high foreclosure rates are eligible for part of the $52.3 million grant from the U.S. Department of Housing and Urban Development.
The state Department of Commerce's Division of Community Assistance will decide how to distribute the grant money.
Wake and Vance counties are among those that have applied for funding.
Counties must apply for the grant and contract with a nonprofit group to buy foreclosed homes from lenders, fix them up and put them back on the market at an affordable price.
"It gives low- and moderate-income families a chance to become homeowners where they might not have had that otherwise, while we're helping to again revitalize neighborhoods," said Annemarie Maiorano, housing program manager for Wake County.
Wake County has asked for $5 million in grant funding, and Vance County has asked for $3.7 million.
"We don't want to be forgotten in the rural counties, either," said Vance County Planning Services Manager Jordan McMillen.
Vance's goal is to refurbish run-down properties and sell them cheap.
"It gives us the opportunity to clean up the county while also assisting those with lower incomes," McMillen said.
Prospective homebuyers, like Dontiez Lee, have been watching real estate prices fall and looking for deals. He says he is eager about the possibility of a more affordable home.
"This is something very positive," Lee said. "I believe that this program will help a lot of families, and it will really help the (housing) market."
Federal grant could mean more affordable housing
- Reporter: Beau Minnick
- Web Editor: Kelly Gardner
RELATED TOPICS: Vance County, Wake County, Jordan Lake
Copyright 2011 by Capitol Broadcasting Company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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February 5, 2009 4:31 p.m.
Possibly (though not all). And that's why we're in this mess. I bought my house 6 years ago, when all these sub-prime loans were starting up. My salary was under $60k. Admittedly, not poverty level income, though a salary a dual-income family should easily have.
I could have EASILY qualified for a $300k home. But I new the difference between what the bank said I could afford and what I knew I could afford. Instead, I opted for one I could afford, with a $100k mortgage.
My only positive regret (does that make sense?) was that I bought a fixer-upper. Over the past 6 years I have spent about $35-40k in repairs and updates. Regret - I could have gotten a much bigger house with the money I've invested so far. Positives: (1) I know a lot more about houses; (2) Realtor says I should be able to get $60k in equity when it sells.
February 5, 2009 10:56 a.m.
I'm tired of the handouts! And guess what? I am considered low-income!! But I live within my means. I pay my bills, even if I live paycheck to paycheck. Was it always like this? Of course not. I was marriend once, I made good money once. But people have to learn to adapt, learn what common sense is and learn to be responsible. You make do with what you have! Enough already!
February 5, 2009 9:00 a.m.
February 5, 2009 8:45 a.m.
February 5, 2009 8:30 a.m.