Surprise submits plan for grant to ease foreclosure crisis

Surprise City Council voted 7-0 recently to submit an amended action plan to the U.S. Department of Housing and Urban Development seeking $2.2 million to stabilize neighborhoods in the wake of the home foreclosure crisis.

The funding is from the Housing and Economic Recovery Act, which analyzed cities nationwide to determine the level of need based on quality of foreclosed homes, number of subprime mortgages and mortgage default rates. Surprise's share was $2.2 million, pending HUD approval of the action plan. The principle target area will be the Original Town Site and special planning area 1.

ACTION PLAN AMENDMENTS

• Acquire, rehabilitate and sell vacant or abandoned homes, with possible down-payment help to qualified applicants.


• Acquire, demolish, rebuild or sell homes with possible down-payment help.


• Buy vacant land and build new homes for sale with possible down-payment help. Submit plan to HUD by Dec. 1.

WHAT'S NEXT
• Develop home buyer wait list by Dec. 1.


• Identify properties for acquisition by Dec. 15.


• Begin acquisition of property, rehabilitation, demolition and new construction by April 6, 2009.


• Complete units by June 30, 2013 or other date determined by HUD.

Surprise City Council voted to submit an amended action plan to the U.S. Department of Housing and Urban Development to stabilize neighborhoods in the wake of the home foreclosure crisis.