A Vermont City has Received a Housing Grant to Buy Cheap Foreclosed Home on Sale
The city of Burlington in Vermont has received over $1.3 million in federal grant to buy cheap foreclosed home on sale, fix and convert them into affordable housing.
A grant totaling $1,330,600 has been presented by Lieutenant Governor Brian Dubie as part of the Neighborhood Stabilization Program (NSP). The NSP is funded by the federal government to help alleviate the impact of the foreclosure crisis and boost the immediate recovery of the housing market.
Dubie explained that the federal grant will help build new housing and preserve affordable housing. Additionally, the program will also help the city economy by creating jobs in the area. Industry experts said that the grant will allow the city to create opportunities out of the devastating foreclosure crisis. One opportunity is to provide a chance to low income individuals and families to become homeowners, with stable and affordable financing.
The city has partnered with Champlain Housing Trust to allow homebuyers obtain affordable financing, education and support for sustainable homeownership. According to the plan, nearly $1 million was allocated to purchase cheap foreclosed home on sale which will be renovated to code standards and placed on the market for sale to eligible buyers.
The purchase price is discounted and renovated houses will be sold on affordable rates to buyers earning 120 percent of the median income in the area. The government subsidy will be retained in each home to provide sustainable and affordable homeownership in coming years.
Meanwhile, about $330,600 of the grant will be given to Cathedral Square Corp. to help in redeveloping the Thayer School. The project is designed to convert the vacant property into mixed-use commercial and residential units. The project will provide affordable rental units to both working and older people.
Early this year, Governor Jim Douglas stated that Vermont will sell the property to Cathedral Square. Industry experts said that the NSP funds allowed the city to start immediately the construction of 100 affordable hoses for low income families and seniors.
They added that the project is a significant contribution for the efforts to alleviate the devastating effects of housing shortage in the city. At the same time, it helps the city eliminate cheap foreclosed home on sale which can become blights in neighborhoods.
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