Mississippi local governments, nonprofits, businesses and organizations, including the Vicksburg Housing Authority, will be able to receive about $35 million to buy properties on repo list to be demolished or refurbished and sell.
The $35 million funds are part of the $1.93 billion money made available by the U.S. Department of Housing and Urban Development’s (HUD) Neighborhood Stabilization Program 2.
Warren County supervisors and director of housing programs in Vicksburg Beatrice Moore held a meeting to discuss a public notice about the inclusion of the county on the program. The public notice was received following Mayor Paul Winfield’s promotion of the plan to District 5 Supervisor Richard George and County Administrator John Smith.
The program requires a three-year plan to use the federal money to transfer properties on repo list to new owners. Moore said that the local government needs to spend the money immediately, adding that job creation in rehabilitation work is a top priority.
Under the program, all vacant and residential properties on repo list would be redeveloped, sold or rented. Moore explained that eligible families or individuals can receive as much as $40,000 to be used for down payment or to pay closing costs.
For Warren County, participation costs would involve fees amounting to 10 percent of the total grant or about $3.5 million to any agency awarded with administrative role. Some contacts for the program included Habitat for Humanity’s Abraham Green and Women’s Restoration Shelter’s Tina Hayward, according to Moore.
Board Attorney Randy Sherard explained that under the multi-entity agreement, it is important to find legal ways to tie up the housing authority, organizations and businesses under an interlocal agreement. He added that an interlocal agreement normally involves public entities to perform a public service.
The current program extends the income limits to homebuyers earning 120 percent of the median income in the area. This gives an opportunity to many first-time homebuyers to qualify for the program.
The income limit for individuals is $43,850 and for a family with four members, $62,650. To determine if a local government is eligible for the federal fund, the HUD uses a formula that is based on estimates on vacancies and number of properties on repo list in a given county.
The program requires a foreclosure score of 18, and Warren County posted an 18.18 average score.
Search Repo Lists by Mississippi City:
- Jackson Repo List
- Gulfport Repo List
- Hattiesburg Repo List
- Olive Branch Repo List
- Meridian Repo List
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