Empty Homes to Get a Facelift in Charlotte, North Carolina

October 8th, 2008 by

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Charlotte foreclosure homes could finally witness a revival. A Durham based financial institution that deals with at-risk neighborhoods is carrying on with what it does despite the credit and mortgage crisis that has gripped the nation. Since its inception in 1984, Self-Help, a non profit organisation, has provided 60,130 home owners with 5.24 billion.

Self-Help continues to buy. They then rebuild, lend and sell homes to people in neighborhoods which have been affected by the subprime crisis. Their C.E.O, Martin Eakes, said that despite the crisis, they are doing fine financially.

Self-Help now plans to buy homes in Charlotte. They are looking at the badly affected area of Peachtree for a program that will run along the lines of lease-purchase.
Martin Eakes said that Charlotte for them is a test case. They plan to buy empty homes, and get them occupied by people who have weak credit on a rental basis for around three to five years. If the tenants can then show that they are credit worthy and can afford to pay regular mortgage payments, they can then buy the home.

Self-Help’s real estate development director, Evan Covington Chavez, said that neighborhoods like Peachtree and Southside are finding it hard to survive. Entire communities are affected by foreclosures, as empty houses are subject to vandalism or simply lose their appeal due to continuous neglect.

Chavez said that they have started getting the grass cut and keeping the lights on, adding that their main focus is to get some stability into the neighborhood. Eakes also went on to say that though their efforts might not turn around the crisis, it could help be a part of something that could be applied on a larger scale.

Self-Help is diversified, they have a ventures fund, a credit union and also a research branch called the Center for Responsible Lending. In 2006, the Center for Responsible Lending predicted that two million homeowners were at risk of losing their houses as part of the sub-prime loan crisis.
Vacant Charlotte foreclosure homes could now expect a much needed face lift.

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