Housing Trust Selling 11 Foreclosed homes

Source:  St. Albans Messenger, April 15, 2011, by Michelle Monroe ” St. Albans — Eleven foreclosed homes – eight in St. Albans City and three in Swanton – are being rehabilitated and sold to new buyers courtesy of the Champlain Housing Trust. This Sunday three of those homes will be open to the public for tours. Funding for the upgrades come from the federal Neighborhood Stabilization Program. One of the last pieces of legislation signed by former President George W. Bush, the program was a response to the blight created by the mass of foreclosures that followed the popping of the housing bubble in 2008. “If we let homes go, the whole community is impacted,” explained Chris Donnelly of the Champlain Housing Trust (CHT). CHT is using the stabilization funds in the same manner as its successful shared equity program. Qualifying homebuyers, who must earn less than the median income for the Franklin County ($53,000 according to the latest U.S. Census figures), purchase the home with a mortgage from a local bank or credit union, but CHT provides the down payment. PDF of Story: Housing Trust Selling 11 Foreclosed Homes

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