For immediate release:
Feb. 14, 2013
INDIANAPOLIS - The Indiana House Financial Institutions Committee has approved legislation authored by Rep. Justin Moed (D-Indianapolis) that helps address the abandoned housing crisis.
The proposal was amended into House Bill 1568, which passed through committee with a 10-0 vote and will be presented to the full House for further consideration.
Moed’s bill reestablishes a Urban Homesteading project that will help move houses more quickly.
According to Moed, people who are preapproved for an FHA Renovation Loan could purchase abandoned homes or vacant properties for $1, provided they fix up the home and live there for at least three years.
“We’re providing local communities with tools to improve the value of their neighborhoods,” he said. “This will allow urban homesteading for folks in our community that want to live in and revive our neighborhoods.”
If enacted, the bill would also help solve the problem of abandoned housing by allowing homeowners of adjacent properties to purchase an abandoned home or vacant lot for $1.
According to Moed, this bill has great benefits for our community in Indianapolis, along with the rest of Indiana.
“This is an important piece of legislation,” he said. “It will help struggling communities improve their property values and make their neighborhoods cleaner, safer and more beautiful places to live.”