Armed with grants provided by state agencies, a group of social service organizations will renovate around 30 Fort Wayne foreclosed homes that have been abandoned by their former owners and convert them into apartments.
The project, which has an estimated cost of $2.5 million, will be financed by the Indiana Housing and Community Development Authority’s grant worth $1.7 million and by funds from the Neighborhood Stabilization program which totals $800,000.
The tax delinquent residences which now belong to the county will be made into apartments and will be offered to low income families and homeless people. According to the project’s official developer, Genesis Outreach, around 50 families who have no homes of their own have already submitted their applications.
The project is expected to be completed in a year’s time. However, organizations behind the project have stated that the program goes beyond providing homes to people who do not have the capacity to purchase even foreclosed homes for sale in Indiana that are offered at low prices.
The families who will live in the renovated Fort Wayne foreclosed homes will be given help to hone their skills and earn their own living. Aside from house ownership training, the residents will also receive job skills training and assistance in other aspects of healthy and proper living.
Although the apartments will not be the same as foreclosed homes for sale in Indiana, they will not be for free either. Genesis Outreach officials revealed that the apartments will be rented, but the amount of rent will depend on the income of the families who will live in the units.
To mitigate the expenses that will be required for the project, federal subsidies from housing agencies will also be used. The abandoned structures will be remodeled to fit the needs of families and individual residents who will live in the buildings.
Several state and private agencies are collaborating with the developers of the project, including Vincent Village, Women’s Bureau, the Indiana Housing Consultants and the Interfaith Hospitality Network.
Local housing officials have stated that the renovation of the Fort Wayne foreclosed homes is just the start of a state-wide program that aims to develop supportive home and permanent housing structures for Indiana families.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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