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updated: 4/10/2014 7:21 PM

Kane County to focus fed money on foreclosures

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  • Kane County officials completed a total rehab project on this home in Carpentersville in 2011. The county used federal dollars to buy the foreclosed property, fix it up, then resell it as affordable housing. More local foreclosed homes are slated for the same treatment with a new batch of federal funds in 2014.

      Kane County officials completed a total rehab project on this home in Carpentersville in 2011. The county used federal dollars to buy the foreclosed property, fix it up, then resell it as affordable housing. More local foreclosed homes are slated for the same treatment with a new batch of federal funds in 2014.
    Daily Herald File Photo

 
 

The Kane County sheriff's office processed more than 500 foreclosures in the first quarter of the year. Some of those might find new life as affordable housing through nearly $1.4 million in federal funds the county will sink into redeveloping foreclosed homes in 2014.

The money is part of $2.59 million in federal money the county will receive this year through the Community Development Block Grant and HOME programs.

The program is part of what is a two-pronged approach to addressing the local foreclosure crisis.

The county partnered with the city of Elgin to help fund renovation of what is now the Elgin ArtSpace Building in what is possibly the most visible success of the county's efforts so far.

The county has also implemented a foreclosure mediation program designed to keep homeowners from losing properties through successful negotiations with their lenders.

Foreclosures in Kane County hit a peak in 2012 with 4,552. This year, estimates project as many as 3,750 additional foreclosures, but the number of foreclosure sales through the sheriff's office have seen a downward trend so far this year.

There were 235 sales in January, 156 in February and 128 in March.

Creating affordable housing is the county's No. 1 priority for the federal funds it receives through the two programs, but local communities will also see help with infrastructure projects.

The proposed list for funding through the county still awaits final approval by the full county board. However, projects in Batavia, Elgin, North Aurora and Carpentersville are all in line for funding.

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