Asbestos and lead paint abatement part of Neighborhood Stabilization Program

Nov 1, 2009

CountyCorp of Ohio presented information about the Huber Heights Neighborhood Stabilization Program at a City Council meeting on September 28. The organization has received $3.3 million in funds from the Housing & Economic Recovery Act in order to acquire and redevelop foreclosed properties to prevent them from becoming abandoned. CountyCorp will purchase 15 homes in Huber Heights and rehabilitate them to sell at no profit.

The purpose of this federal program is to provide affordable housing so that owners can stay in the homes as their incomes increase over time and they continue to invest in their homes. People who make up to 120 percent of the median income can qualify for this program.

Eligible houses in the Huber Heights area require serious renovations. Many homes must have asbestos and lead paint removed. Long term affordability is being improved with Energy Star rated light fixtures and appliances. New carpets are being made out of recycled corn, and CountyCorp will offer new owners at least a three-year homeowner warranty.

New homeowners will have to put $1,000 down and can get an affordable fixed-rate loan from Wright Pratt Credit Union. A second mortgage is being offered at 10% of the home’s value to allow the lender to be in it for less than 90%. As an incentive, homeowners who stay in their homes for at least five years will be forgiven 50% of the down payment. Additionally, prospective homeowners will receive eight hours of homebuyer education in the classroom and a custom maintenance manual for their homes.

Neighbors of these homes are also eligible for energy audits. Limited funding is available to install or upgrade their furnaces. CountyCorp is also offering down payment assistance to certain homebuyers in this area of the community. Model homes will be opened up to allow neighbors to see the energy improvements.

For the full story, go to Huber Heights Courier.

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