Development Center to Run HUD Program

The U.S. Department of Housing and Urban Development approved the Community Development Center of Utah to administer the Asset Control Area homeownership and neighborhood revitalization program for another two years.

It also has expanded from Salt Lake and Davis counties into parts of Utah and Weber counties.

Under the program, one of fewer than 20 in the country, CDC purchases HUD-foreclosed properties at 50 percent of their as-is value. CDC rehabilitates the homes and resells them to police officers, firefighters, emergency medical technicians, school teachers and income-eligible homebuyers.

During the two years CDC has administered the Asset Control Area, it has acquired 81 homes and rehabilitated and resold nearly all of them. The average sales price of homes in Salt Lake County is currently $250,000, while the average price of CDC Asset Control Area program homes sold to date is $111,762. The average income of homebuyers has been 72 percent of the area median income.

(c) 2007 Deseret News (Salt Lake City). Provided by ProQuest Information and Learning. All rights Reserved.