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Dayton Housing Initiatives to Help Vacant Properties
DAYTON -- City Commissioners today approved legislation that will allow 77 vacant homes that have gone into foreclosure to be rehabbed and resold.
There are roughly 7,000 vacant and dilapidated properties dispersed throughout Dayton.
"The homes that are vacant, they are terrible, weeds clear up to your neck," said Sherri Brodnick. "Terrible graffiti, boarded up, it's just bad."
But some of those homes will get a fresh start, thanks to the Real Estate Acquisition Program. This program allows the city to initiate a tax foreclosure on a property and then it's transferred to those willing to invest in it for court costs and a basic fee.
Nearly all (95 percent) of the investors who are interested in buying these homes are from the city of Dayton.
"We're seeing an upturn in the housing market, more people having confidence in investing, great tool to acquire, clean the title, rehab and sell those unit," said Aaron Sorrell from the Department of Planning.
The vacancy rate in the Dayton region is extremely high. There are currently more than 1,000 vacant homes on a list waiting to be demolished.
In 2008 and 2009, the City of Dayton received more than $25 million in Neighborhood Stabilization funds to be used for rehabilitation and demolition of properties. This is another program aimed to get rid of these dilapidated properties. The only difference is this program uses federal dollars to rehab the homes and sell them to middle income families.
"It's a snowball affect, so if we can get rid of some of the vacant homes in the nicer neighborhoods it's just going to make the crime go down people are going to see that we are investing in their neighborhood and people are going to be more likely to put money into their own home"
The property pictured above is listed for sale at $80,000. For more information about the home click here.
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