Nov 24, 2009 4:52 pm US/Central
Anoka County Program Restores Foreclosed Homes
(WCCO)
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Through the Neighborhood Stabilization Program, homes can be remodeled and sold after being a foreclosure.
CBS
With each deck board going down and every piece of vinyl siding going up, another blighted and foreclosed home is a bit closer to renewal.
And with the help of a local program to buy and restore foreclosed homes in Anoka County, there comes a new way to stretch funding.
The Neighborhood Stabilization Program is partnering with Home Depot to buy supplies at a much lower cost -- an effort that will put more home buyers into neighborhoods in need.
Kate Thunstrom runs the Neighborhood Stabilization Program for Anoka County.
With $4.5 million in state and federal funds, NSP buys foreclosed homes, pays contractors to make improvements and get's these homes back on the market.
"That's what we're looking for with the Neighborhood Stabilization Program is to come into these neighborhoods and look at what's hurting the values of these neighbors and taking those properties and bringing them back up to a standard that allows them to blend in with the neighborhood, update them," Thunstrom said.
A four bedroom, two bath house was purchased for $100,000 dollars. Another $40,000 will be spent on repairs and upgrades, providing jobs for area contractors.
Of course there are many municipalities all across the country taking part in the NSP program. But what makes Anoka County's unique is the partnership with a private firm.
Building supply giant, Home Depot discounts all the materials going into the homes. And will rebate 2 percent back into the program's budget, allowing more homes to be remodeled and improving values neighborhood wide.
"We live and work in this neighborhood as well and so yeah, it's very beneficial to us, publically, in standing by these neighborhoods and getting them back on their feet," said Jillian Haussner of Home Depot.
It's a smart use of government funds to get blight off a street and a new family in a home.
The county said their remodeled homes are priced for no more than the initial purchase plus the cost of the improvements.
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