Project to Help Owners of Bank and BoA Home Foreclosures to Start Soon

by Simon Lindsay on Bank of America Foreclosures

The Broad River area in Columbia, South Carolina will soon become the venue of a residential development project that was four years in the making. The project will build affordable housing in the community where government and bank foreclosures, including BoA home foreclosures, have taken their toll.

Most neighborhoods in the city have been affected by the thousands of Columbia foreclosures for sale and local authorities are looking at the project, to be called Village at River's Edge, as a way to offer residents a chance to have their own homes at affordable rates.

The development was proposed four years ago and was estimated to be worth at least $30 million. However, it was put on hold for years as the area deals with the recession, financing problems and the impact of the high rates of South Carolina bank foreclosures.

Authorities are now confident though, that the development will push through and will be able to help the neighborhood recover from the effect of the huge numbers of bank foreclosed homes in the city. The development is being financed by the Columbia Housing Authority and the HUD and will focus on the construction of energy efficient dwellings.

Officials behind the project have stated that the project is meant to provide much needed affordable homes to the city which has suffered from huge numbers of foreclosures, including government and BoA home foreclosures. The program entails the construction of energy efficient single family dwellings and townhouse apartments.

Latest reports reveal that the HUD is in the process to getting approval for a grant worth $10 million for the Columbia Housing Authority. The city agency is required under federal rules to have the full grant amount by September 23 which will finance acquisition of property, fees for architectural jobs, construction and landscaping expenses.

Meanwhile, local residents and authorities have welcomed the news that the project will likely start within the year, with most of them stating that the community is in need of such affordable housing initiatives, particularly with several projects being put on hold following the economic downturn and the housing market crisis that produced thousands of bank foreclosures, including BoA home foreclosures.