By TheMarylandRealEstateExpert.com
Typically once the subject of purchasing Metro Washington DC homes is brought up, the newly common 11 letter word that soon follows is: Foreclosure. Aside from the negativity in the news today regarding real estate, it is always refreshing to witness something positive. Currently Montgomery County will be partnering with Habitat for Humanity in a joint venture to purchase foreclosed properties in the Glenmont area of Silver Spring Maryland. In this joint venture they will not only be purchasing Montgomery County real estate, but they will then renovate the properties and sell them to low-income residents. The unveiling of this terrific program came on Friday November 7th, 2008 at a benefit for affordable housing. In its preliminary planning it is predicted that this project should cost roughly 3.5 million dollars. A portion of this money will be used to acquire 10 foreclosed Montgomery County Maryland homes.
The average cost of these properties will be around $350,000 according to the director of the county’s Department of Housing and Community Affairs. Once habitat for humanity and the county have acquired these houses they will renovate them and give them to one of the qualified patrons. In order to qualify become a Habitat For Humanity homeowner you must show a need, or have at a minimum 30% of your income devoted to rent, you also must be partnered with habitat in there devotion to build these houses. The last qualification you need to be able to obtain one of these houses, is to be able to pay a mortgage.
Since this is a joint venture between Habitat for Humanity and Montgomery County, it has aloud these entities to be able to purchase more expensive properties. One benefit that should come from this plan is the positive effect that these newly renovated homes will have on there current neighborhoods.
Currently county executive Isiah Legget is dedicated to attempting to increase the amount of money that will be set aside for affordable housing projects. Since 2006 he has been working to increase funding for affordable housing, and next year alone he wants the county to increase the funds for these programs from $54 million this year, to hopefully $80 million next year. This money comes from a combination of local bonds and general county funds. One County is adding in this project is that as of now there are more then 20,000 families that are on the waiting list for an affordable housing home.
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