Lena Price – BizSense – Click here to read full article on BizSense.
Richmond, VA, December 20, 2012 – Seven Richmond properties owned by the nation’s largest bank have found an unusual path out of foreclosure.
As part of its Habitat for Heroes initiative, Richmond Metropolitan Habitat for Humanity is using foreclosed homes donated by Bank of America to help local veterans become homeowners.
The local nonprofit this week selected Richmond veteran Shawn Modeste and his family as the first recipients of one of the properties.
Over the next three years, the bank will donate up to 2,000 distressed properties to 158 Habitat for Humanity affiliates across the country.
The Richmond branch of Habitat for Humanity could eventually receive up to a dozen homes from Bank of America, said Nancy Melton, the group’s vice president for marketing and development.
“The properties are all in decent shape,” Melton said. “They’re going to require a range of rehabilitation, but potentially we want to get families into the homes by next September or October.”
Veterans accepted for the program aren’t responsible for down payments, and their mortgages will carry no interest. They will have to complete homeowners counseling and do 200 hours of volunteer work for Habitat for Humanity.
Melton said the properties are in middle-class neighborhoods across the metropolitan area, from Chesterfield to Henrico.
“By rehabbing these and placing families in them, we’re turning them into something that could benefit the community,” Melton said.
Modeste, a former Marine, will be able to move into a home in the Walton Park neighborhood of Midlothian by next fall. He said currently lives in a three-bedroom home with his mother and three children.
“Getting picked for this program was like winning the lottery for me,” said Modeste, 46. “There’s no way I could see myself buying a home without it.”
The seven properties the Richmond branch has acquired:
- 5411 Edgefield Street, Richmond
- 6638 Hopkins Road, North Chesterfield
- 13142 Winamack Road, Midlothian
- 1417 Ransco Road, Chesterfield
- 12331 Sir James Court, Short Pump
- 8800 Emory Oak Lane, Chesterfield
- 1125 Elmshadow Drive, Henrico