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Triplex Homes for Sale Might Be Next for NSP Effort in Chattanooga

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By : John Cutts    99 or more times read
Current neighborhood stabilization efforts in Chattanooga, Tennessee focus on renovating single family dwellings that can be sold to low and moderate income families. However, the city is also planning to use federal funds to build affordable rental units, which means that triplex homes for sale might be included in the program eventually.

Right now, single family Chattanooga foreclosed homes for sale are the main concern of city housing officials. The renovation program is supported by federal and state funds worth $2.9 million. Part of the funds was provided by the federal government through the Neighborhood Stabilization Program (NSP) of the U.S. Department of Housing and Urban Development (HUD).

With Tennessee foreclosure listings continuing to affect neighborhoods in the state, the city of Chattanooga has pushed through with the renovation of abandoned and foreclosed homes in the city, including in areas of Glenwood and Orchard Knob and North Holly Street. The rehabilitation projects are expected to be completed by October 2013.

These refurbished foreclosed homes are to be sold to single residents who have incomes of as much as over $46,000. They will also be offered to families with an average income of as much as $67,100. The funds will also be used to provide home buyers with credit worth $15,000 which they can use as equity or down payment.

Meanwhile, triplex homes for sale might eventually be included in the plan since local officials are considering using NSP funds to build affordable rental dwellings and these multifamily homes might just serve this purpose. The HUD provided a total of $2.1 million to the city in 2009, with over $800,000 of additional money for the renovation coming from the Tennessee Housing Development Agency.

According to local housing officials, the federal and state aid came after a thousand homes were foreclosed in Hamilton County and the state of Tennessee ended in the 13th ranking of U.S. states with the highest foreclosure rates.

Some of the local areas that were hit hard by the housing market crisis were Glenwood, Chattanooga, Bushtown and Cedar Hills. These areas are also hoping that some triplex homes for sale will also be purchased using federal funds to be used for the planned affordable rental housing project.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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