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New Life for Foreclosed Properties in Norwich & New London
The first phase of rehabilitation of foreclosed properties in New London and Norwich has been completed under the Neighborhood Stabilization Stimulus program (NSP). The federal grant program, enacted in response to the national crash of the housing market, seeks to return foreclosed properties to productive use while preventing vacant properties from destabilizing neighborhoods. Eastern Connecticut Housing Opportunities, Inc. (ECHO) was selected to acquire and develop properties in both cities based on its successful experience in building and renovating rental and ownership properties.
In New London, the focus is on creating homeownership opportunities. ECHO purchased three properties with NSP funding-on Connecticut Avenue, Konomoc Street and Williams Street-performed major rehabilitation, including lead-paint abatement, and then sold them to first-time, low-income families. Three other nonprofit developers are also contributing their efforts toward the city's overall goal of creating 12 units of permanently affordable housing. To this point, Norwich NSP targeted foreclosed and deteriorated multifamily rental properties. ECHO purchased and renovated four properties-one on Division Street and Boswell Street, and two on Prospect Street-that contain a total of 12 family apartments, the majority being three- or four-bedroom units, and has leased them to low- and very low-income families.
Both programs have been newly funded, with ECHO to receive additional funding from the city of New London to purchase one single-family home, and from the City of Norwich, this time for homeownership, to purchase two 2-family homes.
[Above story taken from ECHO's October 2012 newsletter.]
Content Archived: January 17, 2014