Property Disposition Demonstration Data Gathering, Analysis, and Evaluation Program: Greenview Estates, Romulus, Michigan: Case Study

摘要

HUD developed a successful property disposition scheme for Greenview Estates, comprising seven subdivisions in Romulus, Mich. Homeowners in Greenview were plagued with faulty construction work and flooding of their homes in 1972. Foreclosures came rapidly, and HUD acquired the properties. HUD disposed of the property by using both as - is and repair - and - sell disposition techniques, both conventional schemes. HUD was able to dispose of many properties through its advanced marketing technique, a computerized public information release system. The city contributed to the rehabilitation effort by building a neighborhood center which would keep property records, inspect vacated properties, notify the city of health and building code violations, assist current homeowners by providing or coordinating the delivery of housing and social service programs, and help the HUD Area Manager Broker market HUD - acquired properties. After the center began operating in late 1975, the neighborhood began to improve. Between 1975 and 1977, 79 of the 92 properties disposed of by HUD were bought by owner - occupants. Disposition prices increased to both developers and owner - occupants. Greenview was saved because many properties were nonsubsidized and purchasers were unable or unwilling to sell at a loss; the subdivision has a mix of income groups, and it presents a variety of housing styles, site designs, and locations. HUD's use of the as - is sales disposition program was effective because of the improved marketing and conventionally financed mortgages, which reduced the possibility of as - is sales fostering market instability. The neighborhood center and its effective staff also helped the neighborhood recover. Data tables, maps, and footnotes are provided.