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Acquisition and Rehabilitation Program: Recycling Foreclosed home into Affordable Home ownership

Frameworks Community Development Corporation transforms Communities and the lives of lower income families. In a changing housing market with significant challenges because of the economic downturn, Frameworks has created a flexible, comprehensive strategy to meet the home ownership needs of hard working families and individuals in Central Texas.

As a part of the creation of affordable home ownership opportunities and community development goals, Frameworks Community Development Corporation has initiated a program to acquire and rehabilitate foreclosed properties owned by banks and resell the rehabilitated homes at affordable prices to families or individuals who are interested in purchasing a home to live in. The staff has extensive experience in the acquisition and rehabilitation of existing housing and selling homes.

The demand for decent affordable home ownership continues to grow in our community. When bank owned foreclosed properties exist, Frameworks wants to assist lower income and working families and individuals to take advantage of those opportunities to create home ownership.

Acquisition of Foreclosed Properties:

As a part of the creation of home ownership opportunities, and stabilizing communities, Frameworks is acquiring and rehabilitating bank owned foreclosed properties which are then sold to lower income families at affordable prices. Some of these properties are made available as affordable rental housing as well.

The homes are acquired from financial institutions which are currently holding properties which have been foreclosed from the previous owners. We will not acquire any homes which are occupied.

Property selection is focused on neighborhoods which have been heavily impacted by foreclosures and on home which are five to ten years old with minor to moderate make-ready needs and no structural or major systems problems. The homes are located in moderately priced neighborhoods in Austin, Travis County and the surrounding counties which Frameworks serves.

Frameworks has assembled $1.4 Million  in financing to be used on a revolving basis to acquire bank owned foreclosed homes, rehabilitate those homes and sell the homes at affordable prices.

  • 32 homes have been rehabilitated and sold to lower income families
  • 0 homes are currently for sale with rehabilitation completed
  • 5 condominiums have been rehabilitated and are rented
  • 6 homes have been acquired and are being rehabilitated
  • 6 homes are currently being evaluated for possible acquisition

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