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One of the highest rating areas experiencing foreclosures is Tennessee, with Memphis gaining the highest rate within the area. It is due to the severity of this city’s situation that HUD has allotted $12 million to Memphis.
The federal government decided to take part of a stabilization program that would save neighborhoods. With Tennessee foreclosures soaring, ten selected areas within the city with the greatest rates of foreclosures are the primary recipients of money aid which will be directed by the Memphis’ Department of Community Development.
In Raleigh, foreclosure homes have climbed to 8 percent. A resident in the area wishes their area be one of the grantees of the financial aids especially after claiming it is undesirable to be living within a neighborhood with empty homes. Situation is far worse in the areas of South Memphis and Frayser going beyond 2,000 homes, a rough 10 percent of the total homes in the area. Distressed homeowners here are having a very difficult time selling their homes.
According to a realtor, foreclosed homes, which are emptied, are often vandalized and even boarded up creating an undesirable ambience to the neighborhood. Homeowners, planning on relocating, are having a hard time marketing their homes especially with a definite depreciation of the value of their homes. This was observed to be among the many changes that came with the worsening foreclosure situation.
How will the foreclosure relief go about?
Non profit groups will be allocated the funds which will then be used to buy the home foreclosures. The homes will be prepared for sales with a few necessary restorations to make it worth a fair price for buyers with limited income while others will become a home to the homeless and needing special care. This advocacy would help not only homeowners and those in need, but also the entire neighborhood.
Aside from the $12 million funds, Tennessee Housing Development Housing Agency will add $13 million foreclosure aid for Memphis. An estimate of 145 homes is projected to be developed with the available financial resources.
HUD Fair Housing Equal Opportunity