Evanston foreclosure remodeling moving along nicely

Last February, I blogged about how the city of Evanston was going to receive $18 million in grant money to fix up some foreclosed homes in an attempt to lower the inventory of foreclosed homes and make some new homes affordable to low-income families.

Well, the Evanston Review has just posted that some of those homes that were purchased could be available by this summer.

The City has been working with Brinshore Development to get some of these homes ready for rent or sale.  So far Brinshore has purchased more than three dozen foreclosed homes in Evanston to work on.  A few of the homes need minor cosmetic repairs.  Some other homes need complete gut rehabs.

The terms of the grant stated that one quarter of the $18 million had to be used to benefit households with incomes at or below 50 percent of the area’s median income, or $30,050 for a two-person household and $37,550 for a family of four.  About 20 homes fall into this range.   According to the article, the remaining units units have to have the maximum income ceiling of 120 percent of the area median, or $72,100 for a two-person household and $90,100 for a family of four.

The grant also states that the money needs to be used by 2013 and at have at least 100 units rehabbed and reoccupied.  So far Brinshore has purchased and is under contract to purchase a total amount of 70 units.  The article also says, “Of $1 million in subcontracts awarded to date, 77 percent have gone to minority, women and Evanston-based employers, according to the city. Nearly half of the $1 million in subcontracts has gone to firms employing residents from the target areas.”

So by doing this, more money is being funneled into City-based employees and workers.  It’s so nice to hear that everything is moving along smoothly with this grant.  I love hearing that these foreclosed homes are being remodeled so that they’re not sitting unoccupied and creating an eyesore for a neighborhood.  Have you come across one of these remodels in your neighborhood?  I’d love to hear about it.  Please leave me a comment or visit me online.