Rehabilitation of Bank Homes for Sale in Illinois

by on States

Bank homes for sale in the city of Quincy, Illinois will soon receive a facelift. The city has received federal and state money for a combined amount of 2.1 million to rehabilitate 22 foreclosed houses.

Some of the foreclosure properties that will be renovated are rentals and single family homes. Industry experts said that the buying and rehabilitation project will help create jobs, prevent the spread of foreclosures and stop abandoned and vacant foreclosure homes from becoming blights in neighborhoods. The city has so far identified 22 properties that will be purchased and renovated. Majority of these foreclosure homes are located in riverview neighborhoods.

Chuck Bevelheimer, a city planner, said that Quincy has been managing and operating a flatten or fix program for almost 15 years now. He said that the city has been monitoring houses that are derelict, vacant, abandoned and complained about.

Most of these foreclosed properties have overgrown grasses on their lawns and the utilities were shutoff. He added that some of these bank homes for sale will be repaired and restored while some will be demolished and replaced with new houses.

Quincy Mayor John Spring said that the properties that the city plans to purchase are non-occupied, in foreclosure or their property taxes are unpaid. To prepare for possible demolition, the city has hired an Indiana company as project manager.

Spring said that the rehabilitation program is very competitive. He explained that Quincy was one of the cities that applied to avail of state funds, adding that only 19 cities were chosen to receive the state funds.

The West Central Illinois Center for Independent Living and YWCA will each have four homes to use for rehabilitation programs. Industry experts said that new places to live around the city will soon emerge.

Meanwhile, the city of Quincy plans to use the proceeds from the sale of renovated foreclosed properties to rehabilitate other repossessed houses in the community. Also, the money from the Neighborhood Stabilization program will be used for down payment assistance.

According to experts, the funds can be used in combination with other initiatives to provide families with down payment assistance. The city also plans to hire minority contractors in the rehabilitation program. Since 1995, the city has rehabilitated over 50 bank homes for sale.