Even more foreclosed properties are in a position to be rehabbed after the Ingham County Land Bank’s
announcement this week of a new program. PROP, or the Property Rehab and Ownership Program, will allow for properties to be renovated by community members and contractors under the Land Bank’s guidelines.
“In 2010 the Land Bank acquired 221 properties,” says Rebecca Eldridge of Rizzi Designs
, marketing firm of the Ingham County
Land Bank. “They renovated 82. They don’t want them to sit vacant, but they can’t rehab them all.”
To get more of those foreclosed home back into good shape and occupied, PROP offers buyers the chance to purchase the homes at their assessed value, rehab them, and have the opportunity to earn up to 50 percent of the purchase price back after meeting Land Bank renovation guidelines.
Eight available homes ranging from $15,000 to $45,000 are now available in the first round of the program. Eldridge says that one advantage of the program is that owners will be able to benefit from the Land Bank process, while customizing their own homes.
“You could be paying 15 grand for a home and you have the choice to pick out what you want,” she says. “As long as it stays within the spectrum of how the Land Bank would do it, you can get a lot of that back.”
To help ensure long-term financial health of owners and their properties, program participants will receive consultations from the Center for Financial Health.
Source: Rebecca Eldridge, Rizzi Designs
Writer: Natalie Burg, News Editor
Photographs © Dave Trumpie