Fulton County Commissioner Robb Pitts wants to see foreclosed homes put to better use – by giving them away to police officers.
"This is all still a work in process," said Harriet Thomas, a representative with Pitts office. "We're still working out all the details."
According to Pitts, the subprime market collapse has led to an overwhelming amount of vacant homes in Fulton County, which negatively impacts the community.
"I would like to see these single family homes occupied by police officers," he said, in a written statement.
His tentative plan would offset low police department salaries by allowing officers to purchase homes on a down payment of just $2,500 with a 15-year service commitment to the department.
"Since most jurisdictions cannot pay police officers what they deserve, providing free homes to them would be a substantial supplement to their salaries and a good tool for recruitment and retention," said Pitts.
The program would require officers to pay all taxes, insurance, utilities, maintenance and make the residence their primary home. If they fulfilled the service agreement, at the end of 15 years they would be handed the deed to the home.
"The way we're looking at it, we're not trying to expend county money," said Thomas.
Pitts and his staff are researching ways to give banks incentive to help get the program off the ground, including the offering of tax credits. It's a program Pitts hopes can be replicated throughout the state and country.
Meetings with community leaders and mortgage lenders are being set up, according to Thomas. Pitts is hoping to have a better idea whether the program is feasible within a month, she said.
Labels: foreclosed homes, Foreclosures, Fulton County, Georgia, police officers, rob pitts
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Brian Vanderhoff @ 2:15 PM
