Will County in the housing biz
Will use HUD funds to turn foreclosures
Will County and Joliet officials have the money to purchase vacant foreclosed homes -- now all they need are qualified buyers.
Without buyers, Neighborhood Stabilization Programs for areas hit hard by foreclosures won't work.
(John Patsch / Staff Photographer)
That's why officials met Wednesday morning with members of the Three Rivers Association of Realtors at Bicentennial Park. They asked the real estate agents to help make the programs a success by finding qualified buyers.
Joliet on Monday received $3.5 million, and the county received $5.16 million in federal funds for their programs. During phase one of their programs, the county hopes to buy and rehab 23 homes; the city's goal is 13 homes.
Will County, which has never purchased homes before, will find qualified buyers first and then look for a foreclosed home that would suit them. The county is too big for officials to purchase a home and hope a buyer wants to live in Crete, for instance, said Ron Pullman, community development director for the Will County Land Use Department.
The key to both programs, however, is to get homes sold quickly so the stabilization program money can be recycled to buy more homes, said Tim Mack, the county's program manager.
Both the county and city have to target areas selected by the Department of Housing and Urban Development based on income, subprime mortgage and foreclosure statistics.
The low down-payment programs will help everyone involved, said David McClintock, CEO of the Three Rivers association.
"It's going to benefit communities, it's going to benefit neighborhoods and it will help put some people in houses that may not have been able to buy," he said. "... Hopefully this will build a little momentum. Every little bit helps."
Eligible homes must be foreclosed and vacant for 90 days before they can be purchased by the city or county. Real estate agents will be paid 2.5 percent commission for successful sales.
For information on the Will County program, contact Tim Mack, Neighborhood Stabilization Program manager, at 815-774-7892 or tmack@willcountylanduse.com.
