ESTATE


Housing agency to buy 71 homes; most to be rented
2009/05/18, 6:31 pm
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Stimulus-funded roofing project The federal initiative sending the money to the region, called the Neighborhood Stabilization Program, is designed to stabilize property values in areas where clusters of homes are in foreclosure. Housing agencies purchase bank-owned homes, rehabilitate them as necessary and offer them as affordable sale or rental properties.

 

 

By Ashley Fletcher Frampton
aframpton@scbiznews.com
Published May 18, 2009

Tri-county affordable housing officials plan to use $7.4 million in federal foreclosure relief money to buy 71 homes, and most will be offered as rentals.

Stimulus-funded roofing project The federal initiative sending the money to the region, called the Neighborhood Stabilization Program, is designed to stabilize property values in areas where clusters of homes are in foreclosure. Housing agencies purchase bank-owned homes, rehabilitate them as necessary and offer them as affordable sale or rental properties.

The Lowcountry Housing Trust learned in late March it would receive the $7.4 million, and officials are now firming up plans for spending the money.

Related stories:
Housing program to buy 100 homes in foreclosure
Tri-county to get $7.4M to help mitigate foreclosures

Plans are to buy 17 homes in Berkeley County, 40 in Charleston County and 14 in Dorchester County, in the following areas:

Urban core
S.C. Highway 165
U.S. Highway 78
Dorchester Road
U.S. Highway 52
West Ashley
Mount Pleasant
22 units
12 units
10 units
8 units
8 units
7 units
4 units

Of those, 10 in Charleston County will be offered for sale. The rest will be rented.

Tammie Hoy, executive director of the Lowcountry Housing Trust, said state housing officials preferred that most of the homes be offered for rent because the federal money must be spent quickly. Underwriting loans for home purchases can take awhile in the current market, Hoy said.

Renting the homes at affordable rates does more than help low-income families. Hoy said the program will prevent vacancies, which can breed vandalism. Moving families into foreclosed homes injects new economic activity into the neighborhood, creating demand for groceries, for example, Hoy said.

The federal program also will create jobs through the rehabilitation work some homes will require, she said.

The Lowcountry Housing Trust is working on an addition to its Web site that will track how the $7.4 million is spent and how many jobs are created, Hoy said. She said it will be similar to the federal government’s Recovery.gov site.

The money slated for Berkeley, Charleston and Dorchester counties came through an economic relief package that Congress passed in 2008. South Carolina received a total of $44 million for the new housing program through that package.

Congress’s more recent stimulus act, the 2009 American Recovery and Reinvestment Act, also includes money for the Neighborhood Stabilization Program. Local housing officials are working on an application for a portion of that money as well.

Hoy said the second round of money is targeted for areas with high rates of foreclosure and vacancy, perhaps higher than some areas of the Lowcountry have seen.



Wachovia building sold for little more t…
2009/04/15, 2:28 pm
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Wachovia building sold for little more than its price in 2000

A New York-based firm has sold the Wachovia building at the corner of Meeting and Market streets to Jupiter Holdings for just a smidgen more than its 2000 selling price, The Post and Courier reports.

Terms of UseHead over to The paper for details about the sale.

The sale includes the newer 177 Meeting Street (across from the Charleston Place), and the historic 175 Meeting Street (which is home to a cigar shop, bar, and restaurant).

http://thedigitel.com/business/wachovia-building-sold-little-more-its-price-2000-3702-0415