Habitat for Humanity Ready to Fix up New Homes
Habitat for Humanity and Orange County are combining efforts to purchase and fix up 15 new homes in the greater Orlando area. Through the county’s Neighborhood Stabilization Program, Habitat for Humanity has recently been granted $2.37 million to purchase foreclosed properties and ready them for new home owners. The stabilization program is part of the federally funded efforts in the country to help lessen the impact of foreclosed homes in our cities. When homes are foreclosed in large numbers, neighborhood quality goes down. This includes not only other property values but the quality of life as well. Since the housing burst in 2008, Neighborhood Stabilization Programs have been put in place to help counteract the negative side effects of foreclosure and keep our urban neighborhoods vital. The work that Habitat for Humanity does is a big part of these efforts.
Since 2010, there have been 45 homes in Orange County which have been rehabilitated through the partnership with Habitat for Humanity. This has not only helped stabilize neighborhoods through the work on these homes, but has helped families which otherwise may not have a home to call their own. When people own their own home, there is naturally more pride in taking care of it. Those who qualify to purchase a home from this program must also put their own “sweat equity” into the home, continuing improvements and keeping the property in good repair.
Orange County began the initial home renovation work through the Neighborhood Stabilization Program when foreclosures affected over 31,000 homes in 2009. Over the last 5 years, 250 empty homes have been purchased and fixed up. Now that we are seeing continued improvement in the housing market and economy, our foreclosures have dropped to less than 6,000 per year, a significant improvement. This shift has allowed for Orange County to focus efforts in other areas. But to do so they needed a plan to continue the work on improving our neighborhoods. This is where Habitat for Humanity was the ideal partner. With the stabilization program’s federally rules, the homes that are rehabilitated must be done to help low and very low income families. This is what Habitat does best so it was only a natural choice to have them take over the purchasing of foreclosed properties.
There is an average of $49,800 put into the homes before they are sold to a qualified buyer. The county has reported that the homes which have been bought and fixed up by Habitat for Humanity have sold on average at $83,000, almost double what their purchase price was. It is clear their work truly improves these homes and the neighborhoods they are in. Most the homes that have been purchased and rehabilitated in the programs have been in the Azalea Park or Pine Hills neighborhoods. These results show that the efforts toward neighborhood stabilization are paying off.
I am proud to be able to make the real estate process move smoothly for my clients and I am here to help with all of your real estate needs. If you’re looking for a warm and engaging professional to help you with the purchase or sale of your home, contact me today at 407-234-5313 or by email: Jeff@JeffRoyle.com.