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Finding unique solutions to housing | Sentiment

Finding unique solutions to housing

09.11.12

The market for Prague rental apartment is starting to recover. The latest figures show the housing stock is declining, home values are increasing, and fewer people are at risk of foreclosure. Although the data points to the proverbial light at the end of the tunnel, many communities across the country are trying under the weight of foreclosures and depressed home values. But instead of waiting for the market to improve on its own, some communities are looking for creative solutions to getting homes fixed and the market.

In Aurora, Illinois, for example, the local school district recently completed a citywide housing assessments and estimates that there are about 510 foreclosed properties within the city limits. In addition, there are an estimated 1,260 more homes headed toward foreclosure. Like many American cities, the abundance of abandoned and foreclosed properties is not a new problem. However, even if the problem is common at the end of last year, Aurora mayor proposed a solution that is.

Finding unique solutions to housing

Mayor Tom Weisner wants to develop what he called "scattered - site" housing plan that would turn many foreclosed homes for low-income housing. If the plan is approved , the city will purchase foreclosed properties directly from banks or credit institutions and make them available for purchase at below market. By designating it a scattered site plan , the city makes affordable housing developers to purchase more homes throughout the city and rehabilitate them all at once. This simplifies the process requires developers to submit only one set of development plans, valid for one set of permits, and seek funding to finance the project, rather than having to fund only one house at a time.

Anne Houghtaling , executive director of the local fair housing organization considers that the plan will work, as long as it was true scattered -site development. Her primary concern is that the city can concentrate their purchases in one part of town , deepens the already existing racial and economic disparities .

Costs associated with the scattered site development is also a concern that Houghtaling and city officials. City Council members expect to receive proposals on how best to carry out the scattered site plan in March. This is a great opportunity for affordable housing developers to work alongside city and craft a plan that is economically feasible and the benefits of urban low-income residents .

If a comprehensive plan is developed and implemented successfully, could other housing developers to facilitate expansion into other cities. What began as a local , creative solutions to difficult task could become a national program.

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