Huntington Beach is one of a few cities that is weighing the option to purchase its own foreclosed properties, and eventually making them affordable housing.
"'From what I've heard I think it's a positive thing if we can get a house back in circulation,' said Huntington Beach Mayor Keith Bohr. 'They're just there vacant open to vandalism and not maintained. That's not good for anybody.'
Some local real-estate experts think the program is worth considering. However, they question the execution of such a program, wondering whether taxpayers would truly benefit in the long run.
'I think it's a great idea,' said Dennis C. Smith, mortgage broker and co-owner of Stratis Financial in Huntington Beach. 'My concern is they're putting people into homes that can afford to buy them '
He suggested city officials follow Habitat for Humanity's model.
'They get low interest rate loans, the families have to spend so many hours working on the homes (or) if there's some way the city can extract some pound of flesh back to the community,' Smith said.
FULL STORY: Surf City may buy & sell foreclosed homes
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A recent ranking of “declining” cities heavily features some of the most expensive cities in the country — including New York City and a half-dozen in the San Francisco Bay Area.
California Exodus: Population Drops Below 39 Million
Never mind the 40 million that demographers predicted the Golden State would reach by 2018. The state's population dipped below 39 million to 38.965 million last July, according to Census data released in March, the lowest since 2015.
Chicago to Turn High-Rise Offices into Housing
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Ohio Lawmakers Propose Incentivizing Housing Production
A proposed bill would take a carrot approach to stimulating housing production through a grant program that would reward cities that implement pro-housing policies.
Chicago Awarded $2M Reconnecting Communities Grant
Community advocates say the city’s plan may not do enough to reverse the negative impacts of a major expressway.
New Park Opens in the Santa Clarita Valley
The City of Santa Clarita just celebrated the grand opening of its 38th park, the 10.5-acre Skyline Ranch Park.
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