County Executive Thomas P. Gordon has announced a new program to help people buy homes that now sit vacant.
The program called “Remediating Vacancies, Making Progress” or “REVAMP” was introduced at an Aug. 31 news conference at Chelsea Manor Park at the corner of Jay Drive and West Roosevelt Avenue in the Chelsea Estates neighborhood near New Castle.
“We all are very excited about this new program, promoting homeownership and occupying homes that have stood empty in our neighborhoods,” County Executive Thomas P. Gordon said.
“This is a win-win because vacant homes are a blight on our communities, attract crime and lower property values,” Gordon said. “But their having new owners stabilizes neighborhoods, generates property taxes, avoids foreclosures and lifts families toward financial independence.”
The program, funded through the county’s Department of Community Services, will provide eligible buyers up to $5,000 toward down payments and settlement assistance in five-year loans that may be forgiven if they continue to live in the houses for at least five years.
Thirty-six census tracts are targeted for eligibility in the new program for low- and moderate-income families, who also will receive housing counseling and other support to help ensure their success in homeownership.
The REVAMP Program will be available starting Oct. 5, with funding on a first-come, first-served basis.
For more information about the contact Norman Spector at (302) 395-5618 or [email protected].