We partnered with volunteers from Wells Fargo from March 25th through March 29th to rehabilitate a vacant, foreclosed home through our Real Estate Owned (REO) program. This home was donated to Rebuilding Together Twin Cities. After the renovation project is complete, this home will be placed for sale and available to low to moderate-income individuals and families. The proceeds from this sale will be invested back into our programs to help more low-income homeowners live in safe and healthy homes.
Thank you to Wells Fargo for volunteering to help rehabilitate this home! Through this partnership, we are able to help stabilize neighborhoods that have been hit by the foreclosure crisis, enable low and moderate families to purchase safe and affordable homes, and preserve affordable homeownership for existing homeowners in need.
More about the Real Estate Owned Program:
Through our Real Estate Owned (REO) program, Rebuilding Together Twin Cities’ volunteers transform vacant foreclosed homes into safe, healthy and affordable housing for new homeowners. Rebuilding Together Twin Cities works with banks that have an inventory of foreclosed homes and would like to return them to productive use to select a home for renovation and resale. Once a home has been selected, we reach out to community and neighborhood partners and to larger community organizations that work with first-time homebuyers, such as the Minnesota Homeownership Center and area NeighborWorks affiliates, to make them aware of the opportunity and ask them to refer potential buyers. After the repairs and improvements are complete, we work with a REALTOR® to market and sell the property. To be eligible to purchase one of these rehabilitated properties, the buyer’s maximum household income must be under 120% of the area median income or less and the buyer must complete a homebuyer education class. The buyer also must live in the home; it cannot be sold to an investor. Proceeds from the sale of these properties are invested back into Rebuilding Together Twin Cities programs that help preserve affordable homeownership opportunities for low-income homeowners and preserve neighborhoods throughout the Twin Cities.