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Amidst Foreclosures, a Low Income Project Comes Up

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By : Julie Thompson    99 or more times read
The US economy is in recessionary mode. Unemployment is at its peak of 10 per cent. As people lose jobs, they are floundering on loan payments. Hence, foreclosures have become common. Experts say that it may take a while for the real estate market to revive. In Spring Lake, for instance, there was uncertainty for so long over the building of low-income group apartments. Now that uncertainty is over and 44 such houses will be coming up in the years to come.

One of the partners in the housing company Neighborhood Partners, David Thompson, says that the project -- Rochdale Grange – has gone through many obstacles. Just as the company managed financing for the project, the economy went into recession. The land on which the project was supposed to come up was foreclosed by the bank. The FDIC or Federal Deposit Insurance Corporation seized the bank and there was one problem after the other. However, Thompson was determined not to give up and he, along with his partner, Luke Watkins, somehow navigated the project through these obstacles.
Thompson says that the team had to sail through the choppy waters for six long years. Now an artist’s rendition of the project shows that the project would indeed help the low-income groups. The duo had ploughed in all the resources into the project. The partners were determined not to fail as they were not in a position to receive government funds. It may be mentioned that the not-for-profit sector depends a lot on government funds.

The partners were just not in a mood to give up. The Obama administration's American Recovery and Reinvestment Act allots money for meager income projects. The company was able to secure some funds from this. Neighborhood Partners also received funds from Woodland city. Another partnership was worked out with New Hope Community Development Corporation that helped the project to withstand the storm.

Mariko Yamada, an Assemblywoman says that she feels proud that the project is happening at last. She is also feeling proud for that and is happy that she has been able to make a difference to the society. The project has been named Rochdale Grange. The name has been inspired by The Woodland Rochdale Company, a farmers’ cooperative and the National Grange Association. Work on the project is expected to start in 2010. There will be a building, a garden and other energy efficient features in the project.
Julie Thompson, GM Sales & Marketing,

Julie Thompson, has been working on studying the foreclosures market, helping buyers on the finer points of foreclosure homes for sale. Try to visit and begin your foreclosures by state search.

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