Feb 5 2010
Rockdale County paves the way with the launch of the nation's first stimulus funded model block housing project. Underwritten by the U.S. Department of Housing and Urban Development's (HUD) Neighborhood Stabilization Program (NSP), all of the foreclosures acquired and renovated in the first phase of the project are in one neighborhood, on the same street. Rockdale County government and APD Solutions (APDS), one of the nation's premier community development consulting firms, are shedding some positive light on the use of federal stimulus funds provided through the Georgia Department of Community Affairs (DCA).
This project will re-write the rule book for renewing America's urban and suburban neighborhoods," said Rockdale County Commission Chairman and CEO Richard A. Oden. "This is a cohesive and well-integrated effort to transform foreclosed houses into attractive homeownership opportunities. We applaud APD Solutions for their expertise, vision and the commitment to making our NSP effort unique and effective."
The Rockdale County NSP continues to strive to be the model block project by serving potential homebuyers with the belief that Rockdale is the organization that is "Perfectly Positioned to Welcome You Home." The County's program revives neighborhoods by rehabilitating empty foreclosed homes, employing dozens of people and providing thousands of dollars in down payment assistance to homebuyers.
"I'm so pleased we have an opportunity to implement our unique strategy in a community like Rockdale," said Vaughn D. Irons, CEO of APD Solutions. "We are very focused on repairing neighborhoods and the economy through jobs and tax stimulation. As asset manager, we will keep an intelligent eye on the Rockdale community climate and showcase it as one of the desirable places to live in metro Atlanta."
Local contractors have been brought on board to renovate the previously foreclosed properties. The program is investing an average of $25,000 in repairs and improvements per home as an added benefit to the buyer. This will significantly reduce the out of pocket cost to the consumer for repairs. As repairs are completed, the homes will be marketed and sold through participating local real estate professionals. Rockdale County and APDS officials hope to provide the home buying public with a steady supply of quality and affordable homes.
"I voted for the Recovery Act to support efforts just like this -- innovative programs that can save homes, create jobs, and promote economic growth. Since January 2009, more than $200 million in federal funds have been invested in the Fourth District. More is on the way," said Congressman Hank Johnson. "With continued support from Congress and the leadership of visionaries like the entrepreneurs at APD Solutions and local governments like Rockdale County, the Fourth District will weather this storm and enjoy better days to come."
Providing the framework for success is the guidance and oversight of the Georgia Department of Community Affairs. As the recipient of the NSP funds, DCA staff ensures compliance with federal and state housing guidelines.
"The DCA commends the Rockdale County Commission in its efforts to stabilize neighborhoods in the county through participation in the Georgia Neighborhood Stabilization Program," said Glen Misner, Director, Georgia Department of Community Affairs. "The hard work of the Rockdale Team Members, evidenced by the revitalization of the units in the Crescent View Community, provides an opportunity to make the dream of home ownership come true for families in Rockdale County."
To make homeownership possible for working families, Rockdale County NSP will offer eligible homebuyers up to $14,500 in down payment assistance. This program is available to financially qualified borrowers who complete the Rockdale NSP eligibility application, can provide earnest money, and complete required HUD certified homeownership education and counseling.
The program is available for financially qualified borrowers and potential homebuyers may find a list of lenders at http://www.dca.ga.gov/housing/Homeownership/programs/downloads/gadream/NSPLenderListOct09.pdf, or may visit a local neighborhood lender. This process helps new homebuyers better understand the rewards and the challenges of homeownership -- ensuring that the new homeowners and communities continue to thrive in the future.
Source: http://www.rockdalecounty.org