The housing market crisis that saw the number of foreclosed and repo homes reaching record highs in Kansas City, Missouri affected almost everyone. However, there is a segment that has been largely ignored in most U.S. areas, that of grandfamilies. The city has recently launched a housing project geared specifically towards these types of families.
Grandfamilies are grandparents who, due to one reason or another, are left to care for their grandchild or grandchildren. In the area, a big number of these families have lost their jobs or lost their homes to foreclosures or seen their properties become repo homes for sale in Kansas City. This segment of the society, analysts stated, is now getting attention as an affordable housing effort aimed at them was recently launched in the area.
Most of these families, analysts reported, are unable to purchase a new home, even low-priced Missouri repossessed properties, since majority of them have either lost their jobs or have been prevented by foreclosure policies to purchase another dwelling. The Pemberton Park project though, is set to alleviate some of these families' problems with regards to finding a home where they can stay. Local housing officials have stated that grandfamilies are unique, not least because they do not get the same attention as other social groups.
They revealed that most affordable housing efforts are geared towards young families and elderly residents, with grandfamilies left forgotten in most areas. The project however, is set to correct this oversight. Housing officials stated that most of these families were also victims of the surge in foreclosures and repo homes in the area which resulted in massive home losses and huge declines in property values.
With residential foreclosures and distressed commercial properties expected to rise again in the coming months, local housing agencies stated that these grandfamilies are in need of help. The Pemberton initiative was so designed to address the social and physical needs of both children and adults that comprise grandfamilies, officials revealed. They also reported that the number of such families has risen considerably since 2005 when around 5.7 million grandfamilies were counted.
Aside from providing them with affordable houses, these families will also be provided with social support and will be guided on how to use community resources. Analysts claimed that the surge in the number of foreclosures and repo homes has affected almost all types of people and experts are just discovering some of the profiles of other victims.
Rise in Foreclosed and Repo Homes Affected Grandfamilies is a post from: Foreclosure Homes Investing