Foreclosure Cleanup: Many Cities Allocating Gov’t Funds to Cleaning Foreclosed Properties
Foreclosure homes for sale dot communities across the United States – from low to middle class, and even high-end homes. And, many communities are starting to force city officials to make lenders responsible for cleaning up, clearing out, demolishing and/or maintaining foreclosures.
And, this is why many city governments are using federal monies recently allocated by President Obama’s administration to get communities back on track.
Foreclosure Cleaning Companies: Still Plenty of Work to Do
Cities Using Federal (HUD) Funds to Clean Foreclosures
The Miami Herald article, As foreclosed properties spread, Miami-Dade springs into action, illustrates this perfectly, stating:
The U.S. Department of Housing and Urban Development pledged $161 million in grant money for South Florida cities. . . . Homestead, which is getting almost $3 million from the fund, plans to buy and rehabilitate [foreclosed upon] rental properties for low-income families, demolish damaged houses and provide down-payment assistance for single-family home buyers, said city spokeswoman Lillian Delgado.
Foreclosure Cleaning Business Owners: Think Beyond Single-Family Homes
As an aside, when many think of the foreclosure crisis, they think in terms of single-family homes. But, the foreclosure crisis affects landlords who own rental properties and commercial properties as well. And, many of these investors are walking away from their properties, as the above-mentioned article highlights. After all, a foreclosure is a foreclosure is a foreclosure.
This spells opportunity for those who offer foreclosure cleaning services. With federal funds flowing into local government coffers, many city officials are anxious to get the work done – for many reasons; primarily though, it’s because foreclosed properties are magnets for crime.
With money to pay for cleaning up, clearing out and maintaining foreclosed properties, foreclosure cleaning companies who vie for these jobs will be busy for some time to come.
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