City hosts workshops for buying foreclosed homes - East Valley Tribune: News

City hosts workshops for buying foreclosed homes

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Posted: Tuesday, June 23, 2009 12:04 pm | Updated: 1:32 am, Sat Oct 8, 2011.

Chandler plans to hold several workshops, beginning Thursday, to familiarize residents with the city's program to buy up foreclosed homes in the 85225 ZIP code and convert them into permanent affordable housing.

The City Council recently agreed to use $1.4 million in federal stimulus money to form a land trust overseen by the nonprofit NewTown Community Land Trust, wherein the trust would buy up to 17 foreclosed homes in the 85225 ZIP code. The foreclosure rate in the target area, bounded by Elliot and Ray roads and from Arizona Avenue to Alma School Road, approaches 40 percent.

The trust would retain title to the land, while potential homeowners would purchase only the home itself, meaning an affordable price.

City officials also plan to put a portion of nearly $2.3 million in federal stimulus money Chandler expects to receive from the U.S. Department of Energy for energy conservation projects toward solar power units on the foreclosed homes.

The one-hour workshops will begin at 6:30 p.m. on the following dates:

  • Thursday, Sylvia Encinas Hartford Elementary School, 700 N. Hartford St.
  • Aug. 26, Downtown Chandler Library council chambers, 22 S. Delaware St.
  • Sept. 24, Chandler High School multipurpose room, 350 N. Arizona Ave.
  • Oct. 22, Chandler Community Center, 125 E. Commonwealth Ave.

Potential buyers cannot have owned a home within the past three years and must meet certain income criteria. The maximum income for a family of four is $79,080. The program includes homeowner education and counseling services, and buyers may be eligible for down payment assistance.

To register for a workshop or to learn more about the program contact Chandler's Neighborhood Resources Division at (480) 782-4320.

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