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Home > Blogs > Butler County News and Issues > Archives > 2008 > October > 20 > Entry
County to buy, sell houses to prevent foreclosures
Help is on the way for Butler County residents facing foreclosure, county commissioners said this morning, Oct. 20. But they fear it may be too little too late.
Butler County Community Development Director Donna Everson outlined a plan to commissioners this morning to use $4.2 million they received from the federal government earlier this month.
Under the plan, homeowners facing foreclosure would deed their home back to the bank, which would then sell it to the county at 5 percent below market value. The county would then help the homeowner get affordable financing to help make the house affordable.
County leaders lauded the plan, but said there was no point in keeping someone in a house they could not afford.
“We certainly don’t want to keep somebody in a house, then two years from now they’re in the same situation they are in today,” said County Recorder Danny Crank, who offered staff to help the county find eligible homes.
Eligibility requirements include anyone making 120 percent of median income. This is roughly $79,450 a year for a family of four.
Foreclosures in the county have skyrocketed in recent years, county leaders said, totaling 1,761 foreclosures through September.
“When you think of the huge problem we have in the county, it’s not really that much money,” said Commissioner Gregory Jolivette.
The federal grant was intended to improve communities by fixing up blighted and abandoned homes and reselling. But county commissioners said that was too reactive, and they wanted to use it to keep people in their homes.
Once they do that, they will explore acquisition, rehabilitation and demolition of blighted homes.
The county money will only aid people in the county but outside the city limits of Hamilton and Middletown. Hamilton received $2.4 million under the same federal program and Middletown received $2.1 million.
The cities have until Dec. 1 to declare how they’re going to spend the money.
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Comments
By huh?
October 21, 2008 2:16 PM | Link to this
Its a start.Hope it helps