Have you heard about Tucson foreclosed homes recently? This is actually one of the best areas to move into nowadays. Several foreclosed residential areas are experiencing serious renovations. The initiative is aimed at making the recently foreclosed houses very attractive to potential tenants.
Of course the City of Tucson would become the landlord when the renovations are completed. The city is also buying many foreclosed housing units using federal incentive funds. Each housing unit is getting a real transformation to make it very attractive. Another ensured advantage to the potential tenant is the inclusion of green technology. When everything including appliances is energy saving, a tenant can ultimately reduce the monthly house overheads.
Private home contractors have been actively involved in repair work of these homes in the past months of the New Year. The amazing progress in the East Irvington or even South Park is proof of it all. According to Albert Elias, a Director of Housing Community Development Department, at least seventy-five percent of renovated buildings in the city of Tucson are for sale.
He continues to point out that the initiative would improve the neighborhood in the long run. As many of you realize, foreclosed homes can cause negative changes in relation to the property value. Serious renovations will gradually boost the odds of affording acquisition of these homes by any interested buyers. Elias confirms that the initiative will result to several benefits.
Fifty-six million dollars have been allocated by the U.S.A Department of Housing and Urban Development in this area. The money is intended to aid completion of a federal Neighborhood Stabilization project by buying foreclosed homes that require renovation. According to Elias, the City of Tucson will buy at least seventy homes and up to eighty homes. More good news is that the new homes will belong to a few groups of lower income earners.