Last night the Aiken City Council had the first reading of an ordinance for $1.5 million loan for Crosland Park. The city will purchase and renovate homes in the Crosland Park area. The $1.5 mil would be borrowed from the cities reserve fund and need to be paid back in 5 years with 1% interest. The plan is for the city to buy 20 homes, train their own work force to make the repairs needed to the home and landscape (they stressed landscaping) and then the city would sell the homes to cover their cost. Then, if the sucessesful, they would roll the money over to start more homes. The city already has 30 homes under contract with contingienes and would be ready to close on and start work on 20 by mid-May. The city will not be the only orginazation renovating house in Crosland Park. There are several churchs, other non-profits and a few private sector investors which have already started. The goal is for 150 homes to be renovated. The city also plans to install sidewalks and street light. The total investment from the city is estimated to be $5 million. This investment is intended to not only better the homes but the neighborhood by increasing property values and reducing crime. The city must first recieve permission from the state before borrowing the funds from their reserve account.
This could be a very good thing for the town.
Today is the first day of spring, my favorite time of year. I enjoy spring because of the beautiful South Carolina weather, usually in the mid 70's with cool nights. The flowers and shrubs start to flower and...well for lack of better word, spring is in the air.
If in Aiken, come enjoy the first of many special events in the area. Tomorrow is the SteepleChase at Ford-Conger field. Come enjoy a day in the warm sun.
To all those first time home buyers sitting on the fence, the time to act is now. There is a $8000 tax credit waiting for you right now. There are some rules as follows:
There are some other rules, so contact your CPA on the latest tax laws. Must close on the home before Dec. 1, 2009, so the time to act is now.
Attention everyone! This Saturday, March the 21st, the Annual Aiken Steeplechase will be help. Gates open at 9:00am. First race is at 1:00. There have been a few rule changes for this years race do to concerns for the horses and riders. Please be sure to come out and enjoy the beautiful spring weather here in Aiken, South Carolina.
Fannie has increased the number of mortgages investors may have from 4 to 10. Some guidelines do apply, but this could be the start to the real estate turn around. While investors start to reduce the amount of inventory on the market, other buyers will start to see DOM lowering. Hopefully this will incurage those "on the fence' buyers to act now.
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