Fayette gets $1.18 to battle foreclosures

Tue, 03/17/2009 - 4:03pm
By: John Munford

Money will be used for down-payment program

To help dispose of hundreds of foreclosed homes in Fayette County, county officials will receive $1.18 million in federal funds that will be used to offer down-payment assistance to purchasers.

While other jurisdictions plan to buy up distressed properties for later sale, Fayette can’t feasibly do that because of the high value of its homes, county officials have said previously.

The program funds can be used only for homes that have been foreclosed, and not for homes currently on the market, officials have said.

The funds are coming from the federal Neighborhood Stabilization Program, and of the $1.18 million about $70,000 can be used for administrative costs of the program. No matching funds are required.

Last week the Fayette County Commission formally adopted a resolution to accept the grant. When the commission first considered it in January, 777 homes in Fayette County were identified as foreclosed properties.

The down-payment assistance program has been endorsed by leaders of Fayette’s municipalities, officials have said. Local bankers also have said there is a need for such a program, County Administrator Jack Krakeel previously told the commission. The program will take “considerable” time from county staff but should be worthwhile, Krakeel added.

“I think it could be a valuable instrument to help us move foreclosed properties in Fayette County,” Krakeel told the commission in January.

The funds are being distributed through the Georgia Department of Community Affairs.

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Submitted by eldergent on Fri, 05/29/2009 - 4:40pm.

The Federal Neighborhood Stabilization Program’s grant to Fayette County of $1,178,544 was discussed at the May 28 Board of Commissioner’s Meeting. New information revealed the “Neighborhood” is not county wide, but only available to a few people in the northeast portion of Fayette. Is that an area that votes heavily Democratic? The rest of us “Neighbors” will participate in the program’s “picking up the tab” stage since Uncle Sam doesn’t have any money of his own.

Submitted by mysteryman on Tue, 03/17/2009 - 8:53pm.

House across the street abandoned. Rental next door grass has not been cut in three years. And sorry Mr Krakeel for you having to get off your kiester and actually do something to help your constituents, and i just cannot wait to see who you help move in across the street.. Im sure Octomom could use some assistance.....PEACE

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