On Jewett Avenue the Cape Cod was foreclosed upon and slid into a state of neglect. There was stagnant water reaching up to the knees in the basement and the plaster was flaking off the kitchen walls. But higher up construction was on full swing to build a spacious suite with a tub nearly the size of a pool to soak in.

The house could have been running to seed for a longer time pulling down the value of other properties dating back to the post war period on either side of the road. But rescue came in the form of Neighborhood Stabilization Program. The agency purchased the house last February paying $107,000. The renovation work on the basement will soon start.

It is hoped that work will complete by summer and then the house comprising of three bed rooms would be placed on the shop shelves. To qualify to be a buyer the latter’s income would have to be 120% of the median income of the locality or nearly $104,000 for a four-member family.

The Neighborhood Stabilization Program endeavours to “create a solution to the foreclosure problem that is also an antidote for why that particular house fell into foreclosure in the first place.” This was the opinion of Joan Carty of Housing Development Fund based in Bridgeport.

There are many empty houses on Jewett Avenue like The Cape. These have been purchased by the cities of Connecticut from the funds got from the programme – $25 million. Some are being renovated while the first lot is being put up for sale.
The programme mandates that the price of the properties be in tune with the value that has been appraised. The money from the sales would be used for buying more houses. Ten municipalities received share from the funds with Bridgeport benefiting from the largest slice of $5.7 million.

Hartford has got $2.7 million. It too is acquiring nine units said the Director of Housing and Property Management Yasha Escalera. The single-family units are constructed by Habitat for Humanity and are being subsidized.

New Haven has received $3.2 million with which it is buying 15 houses. There are two multi-family units that will given to tenants said the Director of Real Options Overcoming Foreclosure Project, Eva Heintzelman. On an average the purchasing cost is $50,000 but a good number of houses have been so badly vandalized that the repair costs are shooting up.

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