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Help is on the way for people wanting to buy a home amidst Brooklyn foreclosures. The Brooklyn Center has planned to help in excess of 100 home buyers in buying amidst the hundreds of Brooklyn foreclosures’ empty homes.
This program is to receive its funding from a commercial ‘tax increment district’ wherein every eligible home buyer will get up-to $10,000 to cover down payments, or closing fees for buying homes which are vacant and have been registered by the sellers within the city. This money comes in the form of an ‘interest free’ loan which will be pardoned off if the home is occupied by the owner for 5 years.
The city’s mayor, Tim Wilson, said that their objective is to obtain more ‘single family’ housing and encourage people to live in foreclosure affected homes. This move comes as part of a particular legislation that was passed in 2008 which gives Brooklyn Center the authority to use a portion of the funds created in a ‘tax increment district’ for this program that spans across the whole city.
This program also aims to help buyers with lower incomes; with single buyers or couples earning up-to the metro’s median income. Families with three or more members can have earnings up-to 115% of the metro’s median income.
The program will also offer funding of up-to $7,000 to help with repayment of loans taken out for home improvement, and will also provide funding to tear down buildings in run down conditions in order to encourage redevelopment in accordance with specific neighborhood requirements.
Therefore, if you plan to buy a house in the near future, and with prices of homes still being low, looking at Brooklyn foreclosure properties could very well get you a great deal.
HUD Fair Housing Equal Opportunity