Feds restrict foreclosure aid to small part of north Fayette

Tue, 04/07/2009 - 3:56pm
By: John Munford

A federal program designed to help dispose of foreclosed homes may be available only to a small geographic section of northern Fayette County.

County officials reported last week that newly-announced restrictions on the $1.18 million federal grant are such that only a swath of north Fayette County will actually qualify for funds. The hope was initially to help purchasers with downpayment assistance to help get foreclosed homes off the market.

Pete Frisina, director of planning and zoning for Fayette County, last week explained the formula applied to determine which areas will qualify for the funds.

The federal Neighborhood Stabilization Program is targeted at neighborhoods based on the number of existing foreclosures, the chances of that number continuing to grow and also the ratio of subprime mortgages for that particular area, Frisina explained.

Based on that, the Georgia Department of Community Affairs determined the only area in Fayette which qualifies for the program is on the northern tip of unincorporated Fayette County.

Thus the program will be unavailable to other unincorporated areas or any homes located in municipalities such as Tyrone, Fayetteville, Peachtree City, Brooks and Woolsey.

Frisina said the county would check with DCA and see if the program can somehow be expanded to help the rest of the county.

The coverage area provided by DCA encompasses 109 foreclosed homes to date, Frisina said, adding that there will continue to be more foreclosures in the area.

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Submitted by PTC Avenger on Tue, 04/07/2009 - 7:59pm.

This is what happens when minority home "ownership" is pushed at all costs. Remember years ago when the AJC ran a huge article about the financial system being racist for not giving minorities loans?


Submitted by Sick of Fascists on Tue, 04/07/2009 - 9:47pm.

I mean really?

Submitted by PTC Avenger on Tue, 04/07/2009 - 10:05pm.

What's the matter, too much reality for a Tuesday night?

Submitted by skyspy on Tue, 04/07/2009 - 11:02pm.

The part of Fayette that has already fallen to river-crime-dale needs support. We keep throwing good money after bad. It will be interesting to see how this experiment of bailing out toxic assets works out.

Submitted by mysteryman on Tue, 04/07/2009 - 6:41pm.

Guess that 1.18 mil wont help to stabilize Whitewater Creek after all, guess it could have vouched for a few golf memberships as well...
What a shame....BLESS

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