Chandler (AZ) plans to buy foreclosed homes

[Phoenix-Risen]

Now here is a creative solution to a couple of problems.

Chandler is planning to buy up foreclosed homes, hand them over to a nonprofit and maintain them in perpetuity as affordable housing. The City Council is slated to vote Thursday on accepting a $2.4 million grant from the U.S. Department of Housing and Urban Development for "neighborhood stabilization."

Stefanie Garcia, Chandler community development administrator, said the funds will be used to prevent residential areas - like the 85225 zip code, where more than one-third of homes are in foreclosure or are about to be - from decaying.

With the federal money, the city could purchase foreclosed homes and some multi-unit housing in an initial target area between Elliott and Ray roads and from Arizona Avenue to Alma School Road.

http://www.eastvalleytribune.com/story/135292

[anonymous171]

1. Great idea. nt

[ColbertWatcher]

2. I have to agree with anonymous171: GREAT IDEA! n/t

[aquart]

3. Sounds like an intelligent plan. And generous to local banks.

I'm more inclined to seize them under eminent domain in order to protect the community and screw the banks. But that's just little me.

[Phoenix-Risen]

5. Arizona is very gun-shy about eminent domain.

The cities of Chandler and Mesa have recently had some costly cases involving government seizing private property for so-called "public" projects. A few years back we passed a ballot initiative restricting the practice. Some local governments were out of control, imagine that.

[Suich]

4. Very creative...I hope it works!

Welcome to DU, Phoenix-Risen!

:toast:

[silverojo]

6. Go, Chandler!!

Great idea from the Valley of the Sun! :patriot:

[lonestarnot]

7. Woohoo!

But apprehensive until I see how it works out for people.