A New Castle County pilot program called REVAMP is providing a financial incentive to encourage the purchase of vacant homes.
The incentive comes in the form of a $5,000 loan, and is forgivable if the homeowner lives in the home for five years.
“It’s for down payment and settlement costs, to help you with that. You live in the house for five years and it’s totally forgiven," said Norman Spector, REVAMP's Assistant Administrator.
Spector says the county has identified 1,287 vacant properties eligible for the program.
He adds the program can be paired with others like the FHA 203-K, which allows a homebuyer to add some of the costs of repair into the loan amount.
Those purchasing a home through the program are required to complete eight hours of housing counseling.
Gladys Brister Spikes is a housing counselor with Housing Opportunities of Northern Delaware, Inc. – one of several agencies the county partners with for the process.
Spikes hopes REVAMP appeals to a segment of the population that normally doesn’t qualify for housing subsidies.
“I love the idea that it’s for middle income families to be able to participate,” Spikes said.
Total household income can’t exceed 120% of median income for the county. The program is solely funded by New Castle County’s Department of Community Services, and applications will be accepted starting October 5th.
New Castle County sheriff Trinidad Navarro grew up in the Chelsea Estates neighborhood, where the REVAMP program was announced Wednesday morning.
He says an abandoned, boarded-up house across the street from Chelsea Manor Park used to belong to a childhood friend’s family.
“What’s sad to see is like this house behind me," Navarro said. "I knew this family. To see, unfortunately, everyday at the sheriff’s office – families being moved out because they got in over their heads or got caught up in the predatory loans.”
Navarro is happy to see the county’s efforts to help get families back into these homes -which when empty, lower property values.
