Contracts awarded to renovate & resell foreclosed houses

Thank you Ry for the explanation.

Let me amend that . . .

Wouldn’t it have been a better use of funds and a better service to the community to help the people who were already in the houses avoid the foreclosure and, in addition, put some money into rehabing and selling blighted, already vacant properties???

Of course then we would have to expand that to include vehicles, lawn ornaments, or maybe that stuff you have stored in your attic that is just taking up space. It’s a pretty big jump to take someone’s property just because it’s vacant or unused. Property owners are required by law to maintain their property. Enforcing the law is all that is required, not further erosion of our civil rights.

@ JES: This was part of the stimulus package and intended to stabilize the neighborhoods that are being negatively impacted by foreclosure. There are other programs, federally funded, that are for foreclosure mitigation (all though I don’t know how much impact they are making).

@Bullwinkle: It does include abandoned, vacant properties; however the focus is foreclosures in neighborhoods negatively affected by the real estate crisis. Not to assist in long standing neighborhood problems. No money directly in the city coffers; all ‘program income’ has to be returned to the state to be recycled through the program. However, the city would benefit from an improved neighborhood and tax base.

@Ramzi- It’s not taking, its purchasing.

@Liberty: It’s intended to be used in neighborhoods where there is no private investment. According to the federal legislation, properties purchased from the banks have to be done so at a 15% or greater discount to recently appraised value. If sellers can get a better deal in the private market they will take it. The properties can’t be sold by the “gov’t” but for the cost they have in the homes(purchase price plus moderate rehab).

**This isn’t intended as support/rejection of the program, just clarification