Housing Matters blog

VHFA to restore, sell foreclosed homes

Posted Feb 10, 2009 at 3:56 pm by Craig Bailey

VHFA will soon undertake a new initiative to acquire and restore foreclosed homes, before selling them to income-eligible Vermonters.

The Homeownership Acquisition and Rehabilitation Program (HARP), funded with at least $7 million from the Vermont Neighborhood Stabilization Program (VNSP), will increase Vermont’s stock of desperately needed affordable housing, at the same time making responsible use of existing resources.

Properties that might be considered for the program are family homes that have been acquired by lending institutions and municipalities.

Rehabiliations will be done with an eye toward state and local building codes and requirements, with a special focus on green building and energy efficiency.

Buyers for the newly-rehabbed homes will need to complete  HUD-certified homeownership counseling, and meet income eligibility and other guidelines.

The Vermont Department of Housing & Community Affairs has a Web page devoted to the VNSP at www.dhca.state.vt.us/VCDP/NSP.html.  It includes a PDF document detailing the program, including HARP.

Vermont lending institutions will soon receive a request from VHFA Chief of Program Operations David Adams for details of their real estate owned (REO) properties to help get things started.

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