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Friday, May 6, 2016

Home ready for sale

Wednesday, November 2, 2011

Houses like this one, located at 722 W. Chestnut Street, are built by the Neighborhood Stabilization Program (NSP) to provide affordable living in neighborhoods affected by spiking foreclosure rates. [Order this photo]
The Neighborhood Stabilization Program (NSP) has made a noticeable impact in the Brazil area.

A meeting was held at Pappy's barbecue with the purpose of answering questions and updating NSP associates from all over the state on the progress in the area.

Peter Hunt, NSP program manager, has worked with the city and was on hand for the meeting.

"NSP is a response to the foreclosure crisis," Hunt said. "It's about pumping some money into communities that have been hit with foreclosures ... to try and either refurbish them ...or redevelop them so we can bring lower to middle income families back into these neighborhoods."

Angie Pappano, vice president of Kenna Consulting, works with Hunt in the area.

"We're (Kenna Consulting) hired by the city to oversee the grant program," Pappano said. "We work with various different grant programs with small communities across the state."

According to Pappano, in this area, the NSP has demolished six homes, reclaimed five lots, built two homes for rental, rehabilitated a foreclosure and built five other new construction homes.

One of the new construction homes is located at 722 W. Chestnut Street and served as the tour house for those who attended the meeting.

"(It's an) energy star certified home; it's three bedrooms and two bathrooms," Pappano said of the home. "The way the program works is that we'll be selling it at an affordable rate for potential home buyers.

"There are some income requirements the homebuyer would have to meet, but we would make sure that it's sold to them. If it's not for fair market value then we could discount it, so it's affordable based on what mortgage they can get."

Hunt said the main goal of the program is to inject life back into neighborhoods that have been hit hard by rising foreclosure rates.

"Essentially it's (about) trying to help neighborhoods get back onto its feet ... to give this community life again," Hunt said. "I think the important thing is, what this is trying to do is bring people back into neighborhoods that have lost huge numbers of people."

Hunt said the hope of the program is once new houses like this are built in neighborhoods, it will spark surrounding homeowners to react by bringing their own houses and properties up, thus improving the neighborhood.

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This is beautiful. I may check into this program!

-- Posted by Emmes on Thu, Nov 3, 2011, at 12:58 PM

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