FORT WAYNE, Ind. (WOWO): The City of Fort Wayne's Housing and Neighborhood Development Services board will be selling eight homes in Fort Wayne's West Central neighborhood.
HANDS bought the eight homes in March 2014 for $400,000 using federal Neighborhood Stabilization Program funds and they had intended to make them rentals. However, HANDS will instead be making those homes for sale and available for further rehabilitation to a developer. Seven of the homes will remain single-family homes while one will be a multi-family home.
It won't be a normal purchase process, though. A developer will buy the homes, rehab them, and then sell them to a buyer to live in permanently. Through the Neighborhood Stabilization Program, the city will make up the difference in what a developer can loan for and what the rehabs will actually cost, which will likely be more than the homes are currently worth.
According to the Journal-Gazette, buyers and developers can begin partnering up in early September. Under federal requirements, a single-person household can't make more than $51,900 a year to be eligible, and a two-person household can't make more than $59,350 a year. A four person household can't make more than $74,150. Downpayment assistance will be available, which will be in the form of a dollar for dollar match and an undetermined amount of money for closing costs.
The properties up for sale are:
• 1302 W. Jefferson Blvd.
• 1111 W. Jefferson Blvd.
• 815 W. Jefferson Blvd.
• 1025 Wilt St.
• 1222 Jackson St.
• 1121 Fulton St.
• 801 W. Berry St. (will remain a multi-family project)
