The Eagle-Tribune's Edward Mason reports on the collapse of a program in Lawrence that would have purchased homes on the verge of foreclosure and then lease back them back to their original owners until they could buy them all over again (at a discount price). The problem for the nonprofit Lawrence CommunityWorks is that the many of the homes are falling apart:
Jessica Andors, the agency's deputy director, said the nonprofit organization determined the plan, aimed at slowing the city's foreclosure crisis, turned out to be too expensive...
Andors said the homes rescued by the agency would need extensive restoration. Homeowners at risk of foreclosure, Andors said, often are in such a tight financial squeeze that they also fail to keep up their homes, often putting off repairs so they can pay their mortgage and other bills.
Robert Preer reported on Lawrence CommunityWorks, and some of their more successful programs, in the Summer 2005 issue of CommmonWealth.