Oct. 11--HIGH POINT -- An infusion of federal money for buyers of foreclosed properties is now available through the city.

High Point got $2.625 million through the Neighborhood Stabilization Program, and the funding will be used to help with the acquisition and repair of properties in areas of the city with the highest amounts of foreclosed homes.

"We think there should be some demand," said Mike McNair, director of the city's Community Development and Housing Department, which is administering the funds. "In uncertain times, you can't tell until you get it out there. It's an opportunity to move some property and all the good things that go along with that."

Data compiled by the city last year revealed about 400 foreclosed properties in High Point, with the most in the 27265 zip code. The area encompasses north High Point and many moderate to higher-income neighborhoods.

Under the program, participants must be first-time homebuyers or someone who has not owned a home in the last three years.

Buyers can receive a deferred loan of up to $7,500 for down payment assistance and may be eligible to access up to $20,000 in repair services after the home has been purchased. The other zip codes in which the program applies are 27262 and 27260 -- inner-city areas that, in addition to foreclosed houses, have high numbers of blighted properties.

Buyers must meet certain income guidelines and undergo training from a consumer credit counseling service. Buyers work with a real estate agent to locate an eligible property.

"We've done some groundwork with the (High Point Regional Association of Realtors). We've been meeting with them and individual real estate firms to explain the program to them, what role they can play, what the process is going to be," McNair said. "We set up this program where people in the real estate business can locate these properties and match them up with buyers. They can then go to the bank, and we're at the back end with assisting the financing."

pkimbrough@hpe.com -- 888-3531

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