Even in a depressed economy, Fort Wayne is seeing some interest in rehabbing its foreclosed homes.
Mayor Tom Henry Monday announced a host of programs the city offers to help strengthen the city’s neighborhoods. The programs help improve abandoned homes, help people with down payments when buying homes and even help people prevent foreclosure.
“The heart of every city is the neighborhood,” he said. “Fort Wayne’s more established neighborhoods enjoy a sense of history and richness that is unique.”
The city is using $7 million in federal money to entice private developers to rehab some of the thousands of foreclosed properties in the urban core. Heather Presley, deputy director of Community Development, said the city has 16 buyers interested in the program.
The city provides a developer with acquisition and rehab costs for a property. Then it is sold on the open market and the city recoups the sale price. If it sold for less than the city’s costs, the extra amount is written off as a grant. The returning money is recycled into the program to use on more homes, she said.
Presley said the city focused the rest of its federal housing dollars on the neighborhood this year so all types of homeowners could benefit. The money will help someone repairing a roof or furnace, installing handrails for senior citizens or help landlords improve their rental properties.
For example, $700,000 is available for homeowner repairs, $350,000 for down payment assistance and $100,000 for mortgage foreclosure prevention.
The city asked people interested in the program to go to www.cityoffortwayne.org or call 427-1127.
