Philadelphia To Buy And Fix Repo Homes With $16.8 Million

Out of the nearly 9,000 houses getting foreclosure notices in Philadelphia last year, about 200 repo homes will be purchased and rebuilt by the city"'""s Redevelopment Authority using funds received from the federal National Stabilization Program.

The RDA will use the $16.8 million it received from the NSP to fix the 200 repo homes and then resell them at affordable prices. The repo homes are located in neighborhoods most in danger of blight, including Southwest Philadelphia, West Philadelphia, Oak Lane, East Germantown and Lower Northeast.

Terry Gillen, executive director of RDA, also said the agency will restore one or two repo homes located in blocks where the repo homes are the only ones foreclosed and unoccupied.

An example is one abandoned home in the midst of well-tended houses in a block along Medary Avenue. Neighbors, mostly retirees, worry that the abandoned house would be vandalized or would be purchased by an investor, who will turn it into a rental house. They said residents in the neighborhood want to preserve the peace in the neighborhood and maintain home values.

The number of Pennsylvania foreclosures is not as high as in states like California and Florida, but it is still 30th in foreclosure rate in the first quarter and 32nd in March in RealtyTrac"'""s foreclosure charts. Foreclosures in Philadelphia last year increased by 50 percent from 2007 figures. Based on HUD records, 5.7 percent of houses in Philadelphia are repo homes.

The NSP funds were distributed by the HUD to all states, cities and counties, but the amounts of allocation were based on a formula that considered poverty rates, population and the ratio of repo homes to existing housing units.

For instance, Detroit, battered by a repo homes rate of 16 percent, is receiving $47 million. The Miami-Dade metro area, battered by a foreclosure rate of 8.8 percent, is getting $62.2 million.

Philadelphia is getting $16.8 million. Under NSP rules, the city must spend the money within 18 months. The RDA has been choosing housing nonprofits and private developers to carry out the rehabilitation project. It will provide loans to the chosen developers for buying and rebuilding repo homes and will pay them $15,000 for every house they buy and repair. The restored repo homes will be sold immediately so the RDA loans can be repaid and used again for other repo homes.

About the Author:
Joseph Smith has been educating buyers on the finer points of Buy Repo Homes at Repo-Homes.com for over five years. Click here to visit and read more advice on finding Philadelphia Repo Homes.

Article Originally Published On: http://www.articlesnatch.com

Tags: foreclosed properties

, foreclosure properties

, repo homes

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