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Sep 26, 2008 8:58 pm US/Central
Community Works To Renovate, Sell Foreclosed Homes
(WCCO)
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"The neighborhood is devastated and it needs to be brought back," said Carolyn Olson.
CBS
With home foreclosures still on the rise, metro communities are finding new ways to keep their neighborhoods from becoming casualties. In some cases, they're getting into both home building and selling. Cities like Brooklyn Park are getting creative.
The city's Economic and Redevelopment Director Jason Aarsvold showed WCCO-TV the foundation of a brand-new four bedroom home under construction on Kyle Avenue. The Green Star Certified home on city land is being built entirely by students at Hennepin Technical College.
"It's beneficial for the city in the sense that the city is able to get free labor to build a home and then ultimately we'll resell the home and then the proceeds will come back into the city coffer, " said Aarsvold.
It's one of the ways Brooklyn Park is trying to improve neighborhoods. They've also bought and rehabilitated homes, including a duplex on 83rd Circle North. Neighbors like what they've seen so far.
"I do believe that the city is taking initiative and I like the fact that they are doing it. In this particular neighborhood I've seen them working a lot and I do like it," said Chamisha Stevenson.
Brooklyn Park leaders are hoping to do the same for foreclosures around the city. In Minneapolis there are more than 2,000 foreclosed homes, many in North Minneapolis.
"The neighborhood is devastated and it needs to be brought back," said Carolyn Olson, President of the Greater Metropolitan Housing Corporation.
The city is working with the Greater Metropolitan Housing Corporation and a state loan to buy, refurbish and resell foreclosed homes. The agency now owns 78 houses. They're confident the prices will be right and buyers will come.
"We have to get over the perception that North Minneapolis is a bad place to live, because it really isn't. There's a lot of wonderful places to live and a lot of really good neighbors, " said Olson.
Governor Pawlenty announced Friday Minnesota will be getting $58 million in federal grants to help with the foreclosure mess.
The money may be used to buy and rehabilitate homes or provide financial assistance to home buyers.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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