Federal funds help Lafayette deal with foreclosure crisis
The City of Lafayette has sold nearly all the homes it acquired through the Neighborhood Stabilization Program.
The $1 million from the U.S. Department of Housing and Urban Development, handed down by the state, allowed the city to buy and renovate eleven homes in the Vinton and Glen Acres neighborhoods.
Ten were sold to income-eligible buyers, while the last one will go on the market in September. The listing prices range from $70,000-$100,000.
Lafayette Development Director Dennis Carson says the most recent home sold is on Ulen Lane, which also used U.S. Department of Energy funds.
"It's a near-zero energy home. It uses solar panels and other energy upgrades and retrofits to make that home self-sufficient, energy-wise."
Three of the homes were given to Lafayette Habitat for Humanity to rehab. Proceeds from the home sales will purchase four more properties to be renovated.
The program ends in March and any money left on-hand goes back to the Indiana Housing and Community Development Authority to be redistributed for similar projects.