City Of El Monte To Fix Up Foreclosed Homes For Low-Income Families
EL MONTE (CBSLA.com) — The city of El Monte plans to buy bank-owned homes, fix them up, and then sell them to low-income families in an effort to combat foreclosures in the area.
The idea is the brainchild of Councilmember Norma Macias.
“We’re going to partner up with a non-profit developer, which will assist us in purchasing these foreclosed properties and rehabilitate them, and then make them available for qualifying families,” she said.
The city will buy the house with funds from the Federal Community Development Block Grant.
“By simply improving these properties, it’s going to help improve the overall quality of our community,” said Macias.
Residents think the plan is great.
“I work with low-income families and I think that would really help give them a boost,” a woman told KCAL9’s Randy Paige.
Paige said after a home is sold, the city will take the money, buy another home, and start the process all over again.