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Published Tuesday, January 13, 2009 in Local
Habitat, Housing Authority work to purchase foreclosed homes
The Times-Herald
Newnan-Coweta Habitat for Humanity and the Newnan Housing Authority plan to create something positive out of Coweta's foreclosure crisis.
The Newnan City Council, along with the public, was invited to hear more about those plans at Tuesday's council meeting.
Leslie Merriman, executive director of the local Habitat affiliate, presented information on the submission of a joint city/county neighborhood stabilization program grant application. Merriman also spoke on behalf of the Housing Authority.
The two groups, working as partners, hope to receive up to $2.1 million from the Neighborhood Stabilization Program Fund, part of the Housing and Economic Recovery Act of 2008. The portion of the money designated for the city will be just over $413,000, according to Merriman at Tuesday's meeting.
The grant, which takes the form of a forgivable loan for Habitat, will be used to purchase foreclosed and abandoned homes in Coweta County.
Most of those homes will go to Habitat, and will be sold at a low cost to pre-qualified families. About one-third of the homes will go to the Housing Authority for the family self sufficiency program. That program allows families to gradually transition from renting to home ownership.
There is also a possibility that some of the homes will be used to provide transitional housing.
The government prefers that most of the funds be spent in "red zones" of high foreclosure rates. Those include the 30263 zip code, some areas near the city of Newnan, and Grantville.
The deadline for the grant application is Jan. 15. A decision on the grant is expected by late February.
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