GOSHEN —
The Neighborhood Stabilization Project is running at full steam.
LaCasa Inc., held an informational meeting Wednesday to explain just what has been and will be accomplished through the program, as well as information on how prospective homebuyers can purchase one of the homes the agency has purchased to rehabilitate.
LaCasa is leading the local effort of the federal project with $2.3 million in federal funding and an $800,000 loan from the city of Goshen. In fact, Goshen’s efforts are ahead of many other communities participating in the program according to LaCasa President Larry Gautsche.
“Goshen will be one of the few cities to fully obligate all funds by the deadline of September,” Gautsche said.
He said all the current properties have been secured and contracts signed, and added that he had just come downstairs from signing checks for three local contractors totaling $66,000. He also said the first NSP home has been pre-sold to a family who has completed the necessary steps.
Goshen Community Development Director Mark Brinson supported Gautsche’s comments.
“Not everybody is having the same results that we’re having and spending down this money,” Brinson said. “Possibly, the next time we’re together we’ll be celebrating getting more money.”
Brinson was referencing the fact that some cities may lose their NSP money that they haven’t obligated by the deadline and it could be reallocated to other, more successful NSP efforts.
So far, program funds have been used to purchase five homes out of foreclosure, four homes from tax sales and 10 homes that were vacant and uninhabitable. LaCasa has signed construction contracts on nine of the properties, of which four will be whole-house remodels, three will be demolished and two will have new homes constructed.
Upon questioning by Goshen City Council member Dixie Robinson, LaCasa Director of Real Estate Development Brad Hunsberger said all 10 of the vacant and uninhabitable homes — seven located in the 700 block of North Fifth Street — were sold to LaCasa by landlord Ron Davidhizar.
The LaCasa staff has a series of improvements they plan on implementing in as many of the homes as possible, such as adding garages, including bathrooms on every floor, replacing mechanical systems, replacing exteriors and increasing the homes’ energy efficiency. Each home will receive a silver designation from the National Association of Home Builders. Most of the homes will include three bedrooms and two bathrooms.
Not just anyone will be able to buy the homes once they are ready for sale, however, as there are federal requirements on the sales. The homes will be restricted to first-time homebuyers who must make 120 percent or less of the area median income, complete an eight-hour homebuyer class and must be able to obtain an affordable mortgage.
LaCasa Home Ownership Loan Originator Rocio Arevalo-Espinosa gave an example of a family of two that would be eligible. The pair would have to make approximately $2,000 per month, assuming they have no debt, and at an interest rate of 4.5 percent on a 30-year mortgage could afford up to an $80,000 home with a total monthly payment of $580. Realtor Barb Swartley, who is handling all the NSP sales, said the homes will begin at approximately $75,000, with the majority in the $85,000 price range.
Interested families can look at the NSP homes for sale as well as peruse an area median income chart on her website at BarbandChristina.com by clicking the “LaCasa Neighborhoods” tab.
“Starting later this fall, houses will be ready for families to live in,” Swartley said.
Local News
Related Photos
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LaCasa Director of Real Estate Development Brad Hunsberger describes the organization’s plans for one of the houses that is part of the Neighborhood Stabilization Project during an informational meeting Wednesday. JESSE DAVIS | THE GOSHEN NEWS
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