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Such properties can be eyesores attracting crime and dragging down property values, officials say. Since , more than 1, homes have been demolished and more than 2, have been renovated or are being renovated through Vacants to Value, according to the city. Sewell said the Neighborhood Stabilization Initiative can work with Vacants to Value and other homeownership incentive programs in the city.
If Vacants to Value is renovating houses on a block, his group might be able to buy foreclosures on the same block.
The federal initiative could also help suburbs such as Dundalk, where the community has been hit by the loss of industrial jobs at Bethlehem Steel, GM and other companies. We want to try and encourage that to continue because homeowners are more likely to be willing to invest in their homes, enhance the curb appeal of their homes. They're going to stay longer than a renter will stay," said Amy Menzer, executive director of the Dundalk Renaissance Corp.
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One of Dundalk Renaissance's homeownership programs involves buying, renovating and reselling homes. Currently, the group buys homes on the market or auction. Getting a chance to buy Fannie Mae and Freddie Mac foreclosures before private investors would help, Menzer said. Top Cities in Maryland. Baltimore Hud Homes.
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