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Foreclosed Home Search to Buy and Fix

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By : John Cutts    99 or more times read
Three agencies in Snohomish County, Washington will spend over $2 million federal funds to provide affordable housing to homeless individuals and low-income families in the area.

The agencies, Washington Home of Your Own, Home for Good and Housing Authority of Snohomish County will conduct a foreclosed home search as part of an effort to purchase foreclosed houses.

The initiative is made possible by the federal Neighborhood Stabilization Program (NSP). The Snohomish County Human Services will be tasked to distribute the $2.2 million federal funds to the three agencies.

Under the initiative, each agency will use their share of the federal funds to build new properties on the site of foreclosed properties or buy foreclose homes, fix and rent them to homeless and low-income families and individuals.

Aaron Reardon, a Snohomish County executive, explains that the federal funds will allow the county to provide affordable housing to over 30 individuals and families. He said that the county needs more affordable houses, adding that the initiative is a good start towards the goal of increasing housing units.

The NSP federal funds to be distributed by the county were made possible under the Housing and Economic Recovery Act of 2008. The program is managed by the U.S. Department of Housing and Urban Development.

According to industry experts, the county received the third biggest share of the NSP funds. So far, eight applications for the over $6.3 million projects were received by the county's Office of Housing, Homelessness and Community Development.

Each application received by the county is evaluated by a community advisory group. The criteria used for evaluating the project applications include the project soundness, organizational capacity, community readiness, financial feasibility, community benefit and need.

Additionally, bonus points will be given for projects that will benefit homeowners at risk of becoming homeless or homeless homeowners, programs that will benefit areas with high repossession rates, homeowners who are earning below or 50 percent of the area's median income and construction initiatives that used Colorado's sustainability standard.

Some of the projects chosen by the advisory committee and their corresponding budget are the Post Foreclosure Rapid Re-Housing and Homeownership for $632,905, $572,878 for In-Home Community Living Program and $992,348 for the Marysville Multi-Family New Construction program.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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