Housing Groups Call for Widespread Renovations $2 Million Effort Launched to Re-Build Neighborhoods
8/12/2013, 4:13 p.m.
Frank George of Invest Atlanta noted other advantages. “Purchase and renovation will create badly needed jobs. Also, homebuyers in the city of Atlanta can use NeighborhoodLIFT money for purchase and renovation, with up to $15,000 available for each home and more than $2 million still available. We think homebuyers should expand their horizons by considering this.”
The groups pointed out that they were not setting a formal goal, since the purchase-renovation homebuying option is up to individuals, lenders and contractors.
They promised to continue their education efforts. They noted that Atlanta is already a leader in purchase and renovation across the country, but the area can do much more.
Last year, according to HUD, metro Atlanta completed 927 federally backed purchase-renovation loans, up from 282 in 2008. Metro Atlanta had more purchase-renovation loans than Chicago, Washington, D.C., Dallas or St. Louis.
“Given trends and the improvement of the housing market, an average of 1,500 homes a year is very doable,” Duckworth said.
The groups chose Adair Park for the two-day event because of its recent rebound, using purchase-renovation.
Adair Park is an intown Atlanta neighborhood with a leafy park that adjoins the Atlanta Beltline. At least seven houses have been purchased recently for renovation, and community activist Angel Poventud counts 60 more homes that could be purchased and renovated.
The renovation of Poventud’s house at 746 Lexington Avenue was completed in June, and it will be the centerpiece of the two-day event.
“Without these loans the work my neighbors and I have done on our houses just wouldn’t be possible,” said Poventud. His bungalow, built in the 20s, had been vacant for 10 years when he bought it for $14,000 and then took out a 203(k) loan including renovation. It had to be stripped down to the studs. Already, he said, property values in the neighborhood have begun to rise.
About Committed to Communities and the Beltline Team
Duckworth began the Committed to Communities house tours two years ago. Planning for the event is being led by The Beltline Team of Area West Realty. The Committed to Communities theme this year is “Resolution 2013 – Own It!”
This is the group’s first two-day event and the tour will be the sixth this year. Duckworth is a REALTOR® and leader of The Beltline Team, which focuses on buying and selling real estate along the Atlanta BeltLine. Other participants are Loan South Mortgage, J.P. Morgan Chase and Wells Fargo.