by Eddi Trevizo The Arizona Republic Jul. 10, 2010 12:00 AM
Foreclosed homes, often an eyesore to their communities, can compromise the stability and value of an entire neighborhood due to overgrown weeds, damaged property and stripped amenities.
Homes 2 Owners, a new housing program funded through federal grants, is purchasing foreclosed homes in Buckeye, Goodyear, Tolleson, Youngtown and El Mirage to rehabilitate and resell them to low- and moderate-income buyers. The program uses energy-efficient materials and utilities. The homes will consume at least 30 percent less energy and water than they did before the rehabilitation.
The Housing Authority of Maricopa County was awarded a $6.2 million grant to purchase and revamp foreclosed homes in the West Valley.
Last week, potential buyers, neighbors and Buckeye and county leaders walked through a newly rehabilitated home near Roeser and Apache roads to mark the program's achievements in Buckeye.
The house has non-toxic paint, low-flow bath fixtures and a satellite irrigation system.
"We came to see the house because we're interested in living in the area. It's a tranquil place," said Emmanuel Lopez, 31, a Phoenix resident who hopes to purchase a home in Buckeye or Goodyear.
The program focuses on West Valley communities hit hardest by the real-estate downfall.
"In Buckeye, the program has purchased five homes and two have already sold," Homes 2 Owners director Ben Chao said.
Chao said the average price of the five Buckeye homes is about $89,200.
As part of the Housing and Economic Recovery Act of 2008, Maricopa County has received $9.9 million from the U.S. Housing and Urban Development Department.
The county hopes to acquire and rehabilitate about 50 homes.
Details: www.homes2owners.org.
Stimulus used to rehab homes
