Elgin and the Neighborhood Stabilization Program

The Fox Valley area has received its share of ups and downs in this market along with the rest of the country. The city of Elgin has put its Federal Grant Initiative money of $2.2 million, to good use via the Neighborhood Stabilization Program.  Eleven homes were purchased in the program.  One was leveled and four other were given to the charity Habitat for Humanity.  The rest are being transformed through extensive gutting and rehab efforts of local contractors and when sold, will help fund repairs on the other two properties.  Low and middle income families can qualify to purchase these specials homes by attending four two-hour classes at the Neighborhood Housing Service of Fox Valley.  These classes help to inform and educate the buyers about mortgages, buying property and budgeting.  To avoid selling quickly or leasing, the new buyers must live in the home for a set number of years.

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