Green Bay to renovate foreclosed homes

GREEN BAY - For two years, the home at 1522 14th Ave. in Green Bay has sat vacant. Not only were the former owners impacted by the foreclosure, other homes on the block are still suffering as well.

"It pushes prices down, it pushes values down, it causes lot of challenges and this is a problem the whole country is facing," said Noel Halvorsen, the executive director of NeighborWorks.

NeighborWorks is a non-profit organization that is working with the city of Green Bay to put people back in foreclosed homes like the one on 14th Ave.

• Click here to learn more about NeighborWorks Green Bay.

"A house is not meant to be uninhabited. They don't handle the winter well if they don't have people living in there," said Halvorsen.

The projects are being funded by money allocated through the federal Neighborhood Stabilization Program. Mayor Jim Schmitt said Green Bay received $2 million.

With that money, the city is buying up foreclosed homes, renovating them and then finding working families to sell them to.

"It will be great for the family but great for the neighborhood so it's a program we're getting behind," said Schmitt.

The city has already purchased 8 properties and is in the process of acquiring 6 more. Those properties are listed as: 1522 14th Ave., 1005 Christiana St., 224 Allard Ave., 717 9th Ave., 1007 School Pl., 995 8th Ave., 201 Oxford Ave., 235 N. Roosevelt St. (2), 717 Neville Ave., 1233 Stuart St., 1504 Harvey St., and 1357 Day St. (2).

Schmitt says any money made from the sales will be used to keep the program running.

"That's going to go back in a pool where we can continue this program self-funded," said Schmitt.

There will be screening guidelines to make sure those buying the homes can afford them. Mayor Schmitt contends there's no risk to the city and says the homes should be flipped rather quickly.

"We feel ... there is enough people there looking for homes. As you can tell by the homes we are purchasing, they're affordable homes," said Schmitt, who estimates they will re-sell between $100,000 and $110,000.

It is about taking homes from foreclosed to for sale.