Jim Martone, Vice President of CountyCorp and Adam Blake, CountyCorp Housing Development Manager, presented information on the Huber Heights Neighborhood Stabilization Program to the Huber Heights City Council at its regular meeting on Sept. 28.
CountyCorp was established in 1980 with a mission to improve the quality of life for residents of Montgomery County and neighboring counties through improved housing and economic activities, according to Marton.
CountyCorp is using $3.3 million of funds from the Housing & Economic Recovery Act to acquire and redevelop foreclosed properties that otherwise become abandoned and blight neighborhoods in Montgomery County. County Corp plans to purchase 15 of these homes in Huber Heights and are in the process of rehabilitating these homes to sell.
Martone said the goal is to provide affordable housing where owners stay in the home as their income increased over time and continue to invest in their home. He indicated that CountyCorp is not allowed to make a profit on this venture. He said that this federal program can serve people who are up to 120 percent of the median income. For example, a single person can earn up to $52,120 in this program or a family of four up to $74,500. Typically in the past, the guidelines were for 80 percent of the median income.
Martone indicated that the target area in Huber Heights for this program is south of Chambersburg Rd. between St. Rt. 201 and St. Rt. 202, an older area of Huber Heights. There are 2000 homes in this area with about 200 vacant properties, according to Martone.
Martone said benefits to the homeowner include long term affordability with Energy Star light fixtures and appliances that will offer savings on utilities. Martone said that some homes in this area have been gutted down to the studs and they discovered that there was no side wall insulation in some of these houses and noted they originally had three inches of insulation in the attics. He said they are removing asbestos from these homes and lead paint.
He said the carpet is made out of recycled corn. CountyCorp offers at least a three year homeowner warranty to the new owner.
Martone said CountyCorp has negotiated a very affordable financing package with Wright Patt Credit Union for a fixed rate loan in which the buyer will have to put $1000 down.
"Also what we're doing to offset the weak market, is to offer a second mortgage as a safety net of 10 percent," said Martone. It allows the lender to be in for less than 90 percent. But, if that buyer goes to sell that home in five years, and say the market does goes down some instead of up, we can forgive that money, so you're not stuck or you're not upside down. That eliminates some of the risk on the part of the homebuyer."
Otherwise, if a homeowner stays in the home for at least five years, 50 percent of the downpayment is forgiven as an incentive for the homeowner to stay in their home.
Martone said homeowners will be knowledgeable as they will receive eight hours of classroom homebuyer education. They will receive a custom maintenance manual on their home.
Martone said neighbors will benefit with the elimination of some of the vacant homes. CountyCorp can also provide energy audits to the neighbors. Limited funds will be available to help neighbors to put in a furnace or upgrade their furnace, allowing them to take advantage of the federal tax advantage and rebates offered by Vectren and DP&L. CountyCorp is also offering $5000 of down payment assistance to homebuyers who buy a home listed by a real estate agent in this home zone area of the community. They also provide free foreclosure prevention services.
Two model homes will be open so that neighbors can see the energy improvements in these homes. CountyCorp will also be able to provide technical assistance by offering the architect drawings used to improve and expand certain homes. He said residents would be able to purchase these for hundreds of dollars rather than the normal thousands of dollars.
Martone said that CountyCorp has six homes they are waiting to close on. He said five homes are under construction and have been gutted.
"These homes were in very bad condition," said Martone.
Homes involved include 6636 Celestine, 5870 Beth, 4598 Metlic, 5940 Tibet, 5019 Tilbury, 5662 Brandt, 5706 Belmar and 6301 Rosebury.
Persons interested in more information or to purchase one of these homes, can visit Housing Development Manager Adam Blake at 130 W. Second St. in Dayton or call him at 531-7048. Residents can also visit the CountyCorp website at www.countycorp.com
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