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Surf City foreclosure program gets about 100 inquiries

January 6th, 2009, 5:00 pm · 4 Comments · posted by Marilyn Kalfus, real estate reporter

Huntington Beach city officials have gotten an outpouring of response from people wanting to sign up for the foreclosure program, Economic Development Director Stanley Smalewitz tells Register reporter Cindy Carcamo.

City officials have gotten about a hundred calls inquiring about it, she says.
While officials are in the process of contacting lenders and brokers, Smalewitz says the initiative will have to return to the City Council for final approval on policy and procedures they want set for the program.

The city voted last month to buy foreclosed homes, fix them up and sell them to city residents who qualify for affordable housing. The hope is that it would  pump money into the city by generating more in property taxes, fill homes standing vacant and help meet the city’s affordable housing quota.

But the plan has many detractors. Some see the plan as unneccesary government intervention into a problem better handled by the private sector. Some worry the city will spend money buying and remodeling homes that it won’t be able to sell.

Smalewitz says:

“We urge everyone interested in the program to wait. We want to be very deliberate in how this program begins and will progress.”

He says city officials also plan to talk with non-profit organizations that have similar programs.

Those interested in getting their names on the city’s Purchase Foreclosures Program contact list can email Sidney Stone, the city’s housing manager, at sidney.stone@surfcity-hb.org.

Related:

POLL: Should Surf City buy & sell foreclosed homes?

Read more:

  • POLL: $519K to live on the beach — but with no bedrooms?
  • House swapper eyes Surf City’s Edwards Hill, Seacliff
  • O.C. builder sells 17 seaside model homes for $25 million
  • These Surf City homes are about to be foreclosed (1/2)
  • Update: Which of these homes had a price drop?
  • More distressed properties counted in H.B.
  • H.B. church in national story on mortgage woes
     

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     4 Comments

    • Liar Loan says:
      January 7, 2009 at 8:30 am

      This is going to end badly… Banks will get HB to overpay for these houses. It’s going to be a terrible loss for the tax payers.

    • Johnny says:
      January 7, 2009 at 3:53 pm

      its a bad idea. the city should not get involved. BTW banks are responsible for paying taxes

    • Robert says:
      January 8, 2009 at 9:30 am

      The City has only committed $1,000,000 in RDA set aside which has to be used for Affordable Housing. Leveraging other sources will help minimize the risk and increase the number of homes the City can turn from vacant to lived in. The goal is to help young professionals afford a home in a very expensive and aging City. If the City can help 10 young families achieve homeownership in HB, it will be worth it.

      And look at how the banks have imploded, you think they are that smart? The City will strike some good deals and it will be a win-win for everybody.

    • Liar Loan says:
      January 8, 2009 at 1:28 pm

      Robert,

      I hate to break it to you, but $1,000,000 only buys 2 houses in the least expensive areas of Huntington Beach. Is this really helping to alleviate foreclosure vacancy and put a dent in unaffordable housing?

      You bring up a good point about the recent stupidity of banks…. but are you trying to tell me government is smarter?? That’s a real good one Robert.

      The banks will sell to the highest bidder, so any deals out there will get bid up by investors, or will need serious repair work (i.e. additional investment) to become livable again.