FORT WORTH — Fort Worth is doling out cash in hopes of filling foreclosed homes.
The city is even offering "forgive-able" loans, but there are some caveats.
You have to select a home from a list of zip codes, and you have to stay there for 10 years. But do that, and the $25,000 incentive is yours, if your family falls within income guidelines.
"When you start having vacant homes in a neighborhoods, those homes deteriorate very quickly," explained city housing manager Karen Meunier. "It also impacts the values of the current homeowners, the value of their property."
Part of the solution, Meunier said, is to hand out cash to convince homeowners to buy up lender-foreclosed houses in Fort Worth.
Buyers eligible for the Neighborhood Stabilization Down Payment Assistance Program get $25,000 to spend toward closing costs, minor repairs, and the down payment.
There are also other criteria that prospective homeowners must meet; only low to middle income families can take part.
"If you are a family of three, the most you can earn is $71,300 a year for the entire household," Meunier said.
Homeowners also have to choose a foreclosed home in the city limits of Fort Worth from a list of eligible zip codes, primarily north and south of Fort Worth's core: 76112, 76123, 76131, 76133, 76137, 76179 and 76244.
Recipients also must live in the home for 10 years in order for the entire $25,000 loan to be forgiven.
The program ends in September. It has been available since last year, but so far the city is about 130 loans short of its goal.
The biggest hurdle, according to Realtors and the city, is identifying low-income families who are eligible.
For more information, go to the Neighborhood Stabilization Down Payment Assistance Program Web site.
E-mail chawes@wfaa.com
