And now for a small dose of good news from the foreclosure front: Two Slavic Village homes that sat empty for more than a year will be opened to potential buyers on December 16.

The homes -- on East 69th and East 75th -- were acquired from the banks that had taken them in foreclosure and fully renovated through the Opportunity Homes program, a joint venture between The City of Cleveland, Neighborhood Progress Inc., the Cleveland Housing Network and six Cleveland community development corporations.

"These are really good deals," says Stacy Pugh, housing director for Slavic Village Development, one of the six CDCs. The homes have been renovated top to bottom – everything is new, including the energy-efficient appliances. And yet they'll sell for well below the cost of those upgrades, which averages about $125,000, including acquisition, says Pugh.

"We're also willing to work with people," she adds, in light of how much more difficult securing a mortgage has become. Six-month lease-purchase deals are available for those whose credit might also need some renovating.

For details on the open house, contact Pugh at 216-429-1182 x 117 or stacyp@slavicvillage.org.

Source: Slavic Village CDC
Writer: Frank W. Lewis