A procedure to help buyers of foreclosed Chandler homes has been approved by the Chandler City Council. The $1.4 million program will be funded through a grant from the U.S. Housing and Urban Development Neighborhood Stabilization Program.
As many as 17 vacant, foreclosed single-family homes will be purchased, rehabilitated and resold to income qualified homeowners who will only pay for the cost of the home. The land will be held in a trust administered by Newtown Community Land Trust, a Tempe non-profit community development corporation.
With this program, the purchase price is reduced because the buyer only has to afford the cost of the structure, not the land.
Families earning between $51,350 and $77,050 are eligible to participate in the program, and the homes must be owner-occupied, not rented. Buyers who sell such homes would share any accrued equity with the Land Trust and the land would remain in the trust to ensure that the property remains affordable indefinitely. The program includes homeowner education and counseling services.
The Chandler program is targeting central Chandler neighborhoods hardest hit by foreclosures. This area is bounded by Ray Road on the north, Chandler Boulevard on the south, Arizona Avenue on the east and Alma School Road on the west.
Information: (480) 782-4320.