Foreclosures Open the Door to Affordable Ownership Houses
Foreclosures have opened the door to ownership of affordable houses. There is activity everywhere. Jame Villardi is busy with repair work estimated at $70,000 on a three bed roomed house on Searing Street. This is one of the four tidy boarded up foreclosed units in Hempstead New York.
Vilardi of Bedford Constructon Group hopes to get more such houses from Fannie Mae. His venture is a new one partnering with Nassau County with Long Island Housing Construction.
These six units are the first bulk acquisitions by the state using federal funds from Neighborhood Stabilization Program. The plan is to purchase, renovate and then sell or rent out the properties which otherwise would have been an eerie curse on the locality. By doing so many are getting the chance to purchase affordable homes. The price varies from $195,500 to $311,750.
The houses that are keeping Vilardi busy require anything from $10,000 to $65,000 for renovations and repairs. These are located at Elmont, Valley Stream, Westbury, Massapequa and Glen Cove. Vilardi has jumped into the fray with his team of electricians, plumbers and carpenters apart from sundry others. He is optimistic to have all the six units ready with two to three months time. The price asked for these will be about $190,000. Preference will be give to first time nest builders. Certain guidelines for purchase have been laid down by the feds.
Vilardi thinks that unless housing is made affordable the young will move away from this area.
Vilardi will not be making much profit out of his efforts. He will get a fee of 7% of the total development expenses for each unit. His gains will be minimal compared to what he would have got from the private sector. But he has a mission in life and is passionate about affordable homes. This is his way of getting his passion fulfilled.
Last autumn HUD sanctioned $3.92 billion for the stabilization plan in those areas that have been especially badly hit by the surging tide of foreclosures The funds included $7.8 million for Nassau County, $5.6 million for Suffolk County, $2.17 and $3.72 million for the towns of Babylon and Islip respectively. Nassau and Suffolk would be getting some additional funds from the state.
Nassau County executive Thomas R. Suozzi is hoping more developers like Vilardi will come forward to change the economic health of these neighbourhoods.
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