Family Development and City of Indio Team Up to Remodel and Sell Foreclosed Homes

Families given opportunity to buy more affordable homes
By: Cord Media Company
 
Aug. 9, 2010 - PRLog -- After successfully utilizing its full Federal allocation of Neighborhood Stabilization Program (NSP) funds to acquire and rehab 13 blighted foreclosed homes, the City of Indio and its Program Partner, Family Development, has now moved onto the next stage of the Program—selling the homes to qualified homebuyers.

Family Development has worked closely with the City of Indio to provide their expertise in identifying, purchasing and remodeling the foreclosed homes.  Depending on the home, the remodeling process included the installation of new landscaping, repainting both the exterior and interior of the homes, installing new cabinetry, updating fixtures, as well as installing new carpet and flooring.

“The most rewarding part of this process has been taking homes that were eyesores in their communities and turning them into beautiful and affordable homes for families,” said Antun Barbato, a partner of Palm Desert based Family Development.  

Two of the remodeled homes were sold in July and another five have just been released for sale.  These homes, being sold by Family Development’s brokerage, Homefinders, are available to low-to-moderate income families.  

“We now looking for families for these beautiful homes,” added Barbato.  “Our team of experts will assist in the whole process of helping these new homeowners obtain the financial assistance to make their dream of home ownership come true.”

To do so, NSP is offering an unprecedented amount of financial assistance to help low-to-moderate income families to purchase these homes.  Depending on the income level and qualifications of the homebuyer, the Program can provide up to $75,000 of purchase price assistance to make the homes more affordable.  The assistance will help lower monthly payments to levels that are less than what many people are currently paying for rent.

“Now that we have made it to this phase we are relying on Family Development to help us through the escrow process.  They have the knowledge and the agents who can help with sales,” said Jesus Gomez, the Housing Programs Manager for the City of Indio.

“We are very proud of the success of the program thus far.  We were able to use our entire allocation of NSP funds to acquire and rehabilitate foreclosed abandoned homes that were once hurting home values and affecting neighborhoods.  By reselling the homes to qualified homebuyers, we hope to stabilize property values and revitalize neighborhoods,” added Gomez.

The Federal Neighborhood Stabilization Program was funded in 2009 by the U.S. Department of Housing and Urban Development (HUD) with the goal of helping to eliminate the negative effects blighted foreclosed properties have on communities.  By utilizing Federal funds, cities such as Indio have been able to increase the value of many properties by rehabilitating them both inside and out.  The program then allows the NSP Funds to be used to subsidize the purchase in that amount of up to 30% of the new value of the home, depending on the qualifications of the Buyer.  

For more information about the available homes or the qualification process, please contact Marcelo Lopez, from Home Finders Inc., at (760) 799-7456.
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Source:Cord Media Company
Email:***@cordmedia.com
Zip:92260
Tags:Nsp Program, Family Development, City Of Indio
Location:Palm Desert - California - United States
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