Neighborhood Stabilization Programs
What: CountyCorp's effort to buy and redevelop about 45 vacant or foreclosed properties that otherwise become abandoned and blight neighborhoods.
Where: Identified neighborhoods in Huber Heights, Riverside, Miamisburg, Miami Twp., West Carrollton, Trotwood, Harrison Twp. and Jefferson Twp.
Who qualifies: Middle-income people whose maximum income levels are 120 percent of area median income.
More information: Contact Adam Blake, CountyCorp's housing development manager, at (937) 531-7048 or go to www.county corp.com.
HUBER HEIGHTS — CountyCorp already has purchased eight vacant, foreclosed homes in this community, while the sales of six other properties are pending.
Construction already has begun on five of the houses, which are being gutted and redeveloped from top to bottom.
The Huber Heights Neighborhood Stabilization Program targets three-bedroom ranches and four-bedroom Cape Cod-style homes built between 1957 and 1963.
Purchased properties include 5870 Beth Road, 4598 Metlic Drive, 6636 Celestine St., 5019 Tilbury Road, 5940 Tibet Drive, 5662 Brandt Pike, 5706 Belmar and 6301 Rosebury Drive.
“These homes will have all new fixtures and finishes — paint, Energy Star windows, new roofs, new carpet, laminate flooring, new ceramic tile in the baths, new cabinets,” said Adam Blake, CountyCorp’s housing development manager.
The rehabilitation also includes abating any asbestos and lead paint issues and in many cases, adding a second bathroom.
Blake noted funds need to be committed by 2013 so they are moving quickly and plan to buy approximately 45 properties throughout the eight targeted Miami Valley communities.
“Any of the other communities we previously identified in Montgomery County may see CountyCorp purchasing properties for this program between now and then,” he said. “We recently purchased two properties in Trotwood for the Neighborhood Stabilization Program and may see more purchases there.”
Homes will be sold based on appraised market price. Buyers qualify for the program by meeting 120 percent of area median income guidelines. Maximum income levels under those guidelines are $52,120 for someone who is single or $74,500 for a four-person household.
Jim Martone, vice president of non-profit CountyCorp, stressed this is a middle-income housing program, not low-income. Financing includes a 30-year fixed rate loan through Wright-Patt Credit Union plus a silent second mortgage for 10 percent of the purchase price.
This is how it works: Home owners have a $1,000 down payment, while CountyCorp contributes a down payment of 10 percent. The home owners wouldn’t pay the principal or interest on the second silent mortgage but would have to pay back CountyCorp the 10 percent if they move within five years.
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