Mini-Bailout Plan For Menlo Park

Local governments are also pitching in on rescue plans for the economy, particularly in real estate. If we have the first time homebuyer tax credit on a national scale, Menlo Park has its own contingency measures to boost the city’s economy.

Andy Cohen, councilman in Menlo Park City, has submitted a proposal that focuses on foreclosed homes. He proposed allotting a $2 million budget for buying foreclosed homes, renovating them, and then selling the improved homes at prices below their current market values.

The budget will be taken from below-market rate housing funds. The limitations to the proposal are only three foreclosed homes could be bought at a time and the newly renovated homes could be bought only by qualified families.

The area that is seen to most likely benefit from this proposal is Belle Haven, with its teeming foreclosures and below average median income.

Cohen has also proposed that the renovation and rebuilding of the foreclosed homes be done on a voluntary basis patterned after that of Habitat for Humanity, to cut on costs, but he knows this worthy cause would be a tough task to carry out. He needs to first gain the support of the city’s officials and the interest of the citizens to make this happen. Aside from the volunteer labor, some private donations would still be needed to get this project on its feet.