So many foreclosed homes sitting vacant, deteriorating by the minute, dragging neighborhood values down. What to do?
A client recently sent a Sacramento Bee article to me about an amazing program called “Homes 4 Wounded Heroes” aimed at placing injured veterans in foreclosed properties. Military Warriors Support Foundation awards mortgage-free homes to wounded heroes injured during combat in Iraq and Afghanistan. In addition to the home, the soldiers and their families receive 3 years of family and financial mentoring.
Since being launched in 2010, nearly 100 homes have been awarded. A spokesperson for Chase Bank (one of the financial institutions involved in the program) stated, “These are houses in our inventory, and we plan to donate 1,000 of them in the next five years to these heroes.”
To qualify, the veteran must have suffered combat-related injuries, can no longer be serving in the military and cannot own another home. After three years, if they maintain regular contact with the financial and family mentors, the program turns over the home’s mortgage-free deed to them.
The Foundation also offers a program called “Skills 4 Life,” which provides recreational outings and family mentoring, as well as educational scholarships and employment assistance.
Check out the article here for more information. Wow…a bright, shiney “silver lining” in the dark cloud of distressed properties these past few years!