Partnership To Rehab, Resell Foreclosures
Far Rockaway has been one of the areas of the city hardest hit by housing foreclosures, leaving many homes deserted. The Housing Partnership Development Corporation has received a $2 million grant to help such areas throughout the city. The agency will buy foreclosed homes, renovate them and then resell them.
The grant comes from the Neighborhood Stabilization Program, or NSP, which was authorized under the Housing and Economic Recovery Act of 2008.
"We are focusing on the areas hardest hit by foreclosure," said Mary Oyedijo, of HPDC. "We just sold our first home in Far Rockaway."
Oyedijo pointed out that many foreclosed homes become abandoned, destabilizing the neighborhoods they're in.
The NSP allows the Housing Partnership to revitalize properties and offer them for resale.
"We're basically going after the first time homebuyer," said Oyedijo. "The young woman who bought the house in Far Rockaway is the first in her family to be a homeowner."
The recently sold house is a two-family home with a garage, driveway and basement. Oyedijo called it three over three - three bedrooms and two bathrooms on both floors.
"It sold almost immediately," said the Housing Partnership representative.
The NSP program began in May of last year. Oyedijo said that her organization acquired one property in the 11691 area and has a home for sale in Jamaica. She added that with the New Year they're "going to look at what is out there" and that buying more homes for rehabilitation and sale in the Far Rockaway area is "more than likely our plan."
The monies are allocated under HUD's Community Development Block Grant program. The nationwide price tag of $3.92 million is for cities that have felt the worst effects of the downturn in the housing market, with foreclosures, abandoned properties and declining property values.