Habitat to Acquire Bay Area REO

Habitat for Humanity's Greater San Francisco chapter has launched a $500,000 Neighborhood Revitalization Program to acquire bank-owned houses. After rehabbing the properties, the faith-based non-profit will sell them to local working families under the same requirements as its famous new construction program. Participants must take part in the reconstruction or refurbishment of the house and go through extensive ownership counseling and education. Participants also will have access to interest-free financing. The Bay Area chapter also has entered into an agreement with the city of Menlo Park, which is investing another half-a-million dollars in the program. Using the combined funds, Habitat plans to acquire and rehab five bank-owned houses in the Belle Haven neighborhood. "I have seen first-hand the impact of foreclosures on Menlo Park and know that we must take immediate action to address the problem," said Mayor Heyward Robinson. With the NRP program, Habitat said it hopes to acquire and rehabilitate at least 15 additional homes over the next two years to help put local neighborhoods that are at risk of decline on the path to recovery. Habitat plans to establish more partnerships in the community to bring in additional funding sources, and is "especially eager" to see banks and lending institutions join in the effort.