Chesterfield County: Flipping Foreclosed Homes

By Melissa Correa - bio | email
Posted by Terry Alexander - email

CHESTERFIELD, VA (WWBT) - Chesterfield County just got their hands on $500,000. That money will go towards the purchase of foreclosed homes. The county will revamp them, and then put them back on the market.

The half-a-million in federal grant money is the latest effort to get people back in homes; this time around, it's foreclosed homes.

"In addition, we have homes that have been abandoned that need to be rehabbed," said Dale District Supervisor, James Holland.

The county's housing and community development departments will spear-head each overhaul.

"Actually rehab the homes. It will allow homeowners to purchase the homes at lower than normal rates and it would also allow someone who would otherwise not afford a home, afford one," Holland said.

To date, nearly 30,000 Virginia homeowners are in the process of foreclosure. More than 16,000 homes are vacant. In order for a home to qualify, it must be in a neighborhood where there's a high concentration of foreclosed homes.

"King Forest is one subdivision we expect to be impacted," said Holland.

Jerimaine Scott lives in King Forest. He's noticed the signs and vacant properties.

"I've seen a lot of people just come around looking at a lot of homes out here, to see what's for sale. Some says it's too much," he said.

So he's excited to hear of the program.

"A lot of people are always looking for a nice home- a good one to move into," said Scott.

The rehab process is set to begin soon. Dozens of homes will be revived.

"It stabilizes neighborhood. It stabilizes real estate values, and it's so important for all of us from tax receipts to just having a stable environment for our community," said Holland.

The money generated from home sales will go back into the program. That will then be used to buy more foreclosed homes.

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