Neighborhood Stabilization Program
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View purchased
and rehabilitated foreclosed homes! |
 Ribbon cutting of the first home sold through the Neighboorhood Stabilization Program | |
Summary of Activity by Quarter
October to December 2010 -Houses for sale and rehabilitation activity
proceeds
During the current quarter, there are seven completed houses on the market. Of these 7 which include 36th Street (ICCF) Wolf Run (Lighthouse), Haughey, Cleveland and Groveland (Kitson), Rathbone and Carmel (MoHawk), purchase agreements are entered into on 36th Street, Rathbone, Groveland and Carmel.
Habitat completed their first house and the family moved in right before Christmas. Lighthouse closed on a house in December.
ICCF closed on Maplelawn is currently in pre-construction. Five houses are under construction including Albers and 1242 Rathbone (Habitat), Boone and Madison (Lighthouse), and Colrain (Kitson).
July to September 2010 - Acquisitions and rehabilitation steady
Three additional single family properties were purchased. The remaining rental units were completed and leased. No homebuyer closings took place (one fell through) but one lease-purchase agreement was signed. Several properties were almost ready to go on the market. HUD came for their monitoring visit.
April to June 2010 - More sales and acquisitions
The total of single family houses purchased jumped to 22 which met the original goal of the Kent County NSP. Four additional properties were sold bringing the total to 10. One rental was completed and leased up and an additional rental unit was purchased. Habitat closed on all three of their properties.
January to March 2010 - First home sales and lots of rehab activity
Four additional houses were purchased and three rental properties purchased. The first rental was leased up as of January 1 and five properties were sold to homebuyers. Program income was received for the first time. Habitat for Humanity had their first acquisition pending.
October to December 2009 - Acquisition boom!
Fourteen houses total were purchased by the end of this quarter. Three rehabilitations were completed and a ribbon-cutting ceremony was held for the first homebuyer. Half of the funds were obligated by December 31, 2009.
July to September 2009 - Just getting started
Several houses were under purchase agreement, the first house was purchased during this quarter.
