The goal of the Foreclosure Acquisition / Rehabilitation Program (hereafter referred to as the Foreclosure Program) is to:
- Preserve the City’s existing housing stock and revitalize established neighborhoods by mitigating the negative community impacts of vacant, foreclosed properties;
- Improve affordable housing quality, condition, safety, livability, and accessibility;
- Stabilize property values in neighborhoods with existing vacant, foreclosed homes; and
- Eliminate the potential for crime related to existing vacant, foreclosed properties.
The intent of the rehabilitation work completed under this program is to improve the supply of decent, safe, sanitary and affordable housing for low-income families and individuals, and to enhance the stability and standard of living in existing neighborhoods.
After rehabilitation work has been completed, the properties are made available to approved City of Billings' First Time Home Buyer applicants on a first come first served basis. Zero interest, deferred payment loans and/or subsidies may be available to the applicant to purchase rehabilitated foreclosed homes.