Chicopee Foreclosed Affordable Housing Sells for $150K
- Mar 03, 2017
Chicopee, Mass.—The city of Chicopee has sold a foreclosed six-family home to the Valley Opportunity Council–an anti-poverty agency–as reported by Masslive.
Due to a lack of tax payments–according to Marie Laflamme, the city treasurer–the city foreclosed the property and had two options to resell, auction or request bids. The Valley Opportunity Council was the only bidder and will purchase the property for $150,000.
The previous owner of the building, located at 25 Pine St., received a federal Community Development Block Grant to renovate the property, as long as it was designated affordable housing for people who meet specific income standards. As the city has neither the capacity nor the interest in owning the property, its intention was to sell the fully occupied building immediately.
Mayor Richard Kos has endorsed the sale of the property, which has no maintenance issues. While the units are not rented at market rates, the tenants do pay rent, and the sale will get the building back on the tax rolls, reported Councilor James Tillotson.
The nonprofit agency currently owns 17 properties and is experienced in property management. Through the purchase and refurbishment of properties, the Valley Opportunity Council helps communities with blighted assets and uses rental income to fund its programs.
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