Grant to Buy Homes on Foreclosure Listings Service for Rehab

Wells Fargo has awarded about $75,000 grant to the non-profit organization, Tarrant County Housing Partnership to buy homes on foreclosure listings service and rehabilitate them.

The program aims to reduce the number of foreclosure properties that has been glutting the housing market in Tarrant County, Texas and to boost affordable housing.

Additionally, county officials hoped that the program would also improve neighborhoods that were badly affected by the growing foreclosure crisis. The Wells Fargo money will help the nonprofit administer the federal neighborhood stabilization program.

The nonprofit organization has been instrumental in efforts to revitalize neighborhoods troubled by high foreclosure rates and to increase the number of affordable housing in the county and Fort Worth.

According to industry experts, the nonprofit is the only organization in Fort Worth to have received the priority markets fund from Wells Fargo. They said that the funds will be used to hire a grant compliance manager and construction manager.

Tarrant County and Forest Hills officials have toured already some homes on foreclosure listings service that will be included in the program. Officials acknowledge the help given by Wells Fargo, adding that it would come a long way in helping stabilize communities severely affected by the recession and the foreclosure crisis.

Industry analysts said that recession has impaired efforts to boost access to affordable single-family houses and the recovery of the languishing housing market in the region. They believe that the region just needed some significant help to overcome the impact of the foreclosure problem.

According to officials of Forest Hills, where the first property to be acquired using the Wells Fargo grant is located, the rehabilitated houses will be returned to the market for sale to low income, moderate income and first-time homebuyers.

Forest Hills is just one of the eight cities in the county targeted to receive funds under the U.S. Department of Housing and Urban Development’s (HUD) Neighborhood Stabilization Program. Other cities that will receive federal funding are Crowley, Haltom, Hurst, NorthRichland Hills, Mansfield and Saginaw.

Industry experts said that local officials want foreclosed houses to become owner-occupied homes and not rental properties.

The Tarrant County Housing Partnership has received $4 million courtesy of the Texas Department of Housing and Community Affairs and $4 million also from the HUD to buy homes on foreclosure listings service and repair them.

Related Posts:

• A Fight Against Foreclosures
• Program to Address Growing Bank Foreclosure Properties
• First-Time Buyers Receive Help to Find Foreclosure Listings
• Campaign to Contain the Rapid Growth of Repo Home Listings
• Relief Program to Avoid Repo Homes Listings Slow to Get Off