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
Copyright 2009 by Capitol Broadcasting Company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
19 Comments
-
- Funeral being held for slain Fayetteville girl
Updated 23 minutes ago |
- Coupon queen dishes on Thanksgiving meal deals
Updated 57 minutes ago |
- Clouds, rain moving in to end the weekend
Updated 5 minutes ago - Sarah Palin to have dinner with Rev. Billy Graham
Updated at 2:36 p.m. - Governor orders closer look at local ABC boards
Updated at 2:38 p.m. |
- Funeral being held for slain Fayetteville girl
- Most Viewed Slideshows
- 2009 Raleigh Christmas Parade crowd
Nov. 21, 2009 - 2009 WRAL-TV Raleigh Christmas Parade
Updated Nov. 21 6:16 p.m. - Pet Photos | November 16 - November 22, 2009
Nov. 20, 2009
- 2009 Raleigh Christmas Parade crowd
Photo Spotlight
-
Bands, marchers in holiday paradeChoose your group to watch their performance in the 2009 WRAL-TV Raleigh Christmas Parade.
-
Web only: Complete 2009 WRAL-TV Raleigh Christmas ParadeWatch the parade in its entirety from the comfort of your computer any time.
-
Search for missing IRS refundsThe Internal Revenue Service released the names this week of more than 100,000 taxpayers who have not received their 2009 income tax refund.
-
North Carolina unemployment ratesView an interactive map with county unemployment numbers.
-
A year of N.C. Drought MapsView a time lapse animation of drought conditions during the last year.











STORIES
VIDEOS
SLIDESHOWS


Welcome to GOLO, where WRAL.com visitors can comment on stories and create profile pages, blogs and photo galleries.
You must be a registered WRAL.com user to use these tools. Click here to register or log in.