Habitat for Humanity Celebrates Resale of First Home under Foreclosure Program

Habitat for Humanity Celebrates Resale of First Home under Foreclosure Program

Habitat for Humanity last week celebrated the sale of its first home that was put up for sale under the foreclosure-fix program Neighborhood Stabilization Program in Virginia. The program is sponsored by no less than the US Department of Housing and Urban Development. It aims to fund and oversee purchase of foreclosed homes across neighborhoods that have at least a 20% rate of foreclosure.

The first home sold by Habitat for Humanity under the program was located at 1357 Rome Street in Petersburg, Virginia. The property was acquired earlier in the year for $41,000 by Tri-Cities Habitat for Humanity. Since its acquisition, the home was aggressively renovated before it was finally resold through the joint effort.

Habitat for Humanity has already purchased up to 14 other foreclosed homes in Petersburg. It is now in the process of finding families that would qualify for the federal government's Neighborhood Stabilization Program. This program is an effort to openly and effectively aid the weak housing market through acquiring foreclosed and abandoned homes.

The main qualifications for the Neighborhood Stabilization Program include: family income that is between 20% and 60% of the median income in the city, an outstanding credit score of about 600 or higher, participation in Virginia Housing Development Authority (VHDA) home ownership class, at least 300 accumulated hours of volunteer work for any Habitat Project community service work, and ability to take a mortgage of $350 per month.

For its part, Habitat for Humanity is a non-government, non-profit, and international organization that aims to build decent, simple, and affordable homes for needy families. The organization is based in Americus, Georgia, and has five area offices globally, including the one covering US and Canada.

Habitat for Humanity seeks elimination of poverty housing and widespread homelessness around the world. It also aims to make decent shelters part of social conscience and action. The organization builds its homes through volunteer work and then sells those to selected families without any profit.

The organization has recently broke ground for a new home-building project in the busy Rome Street. The project's new homes are expected to be completed by April next year. Those homes are set to be sold to qualified families at more reasonable and no-profit costs by the end of 2011.

For more news and relevant information about foreclosures, kindly go to ForeclosureConnections.com. The Website is regularly updated to feature news articles about the sector.

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