9 Jun

First Liabilities to Assets Home Made New

Our newest program, Liabilities to Assets has completed the first home, rehabbed and made beautiful for an income eligible family. The house is located on Lorchris Street in Leominster. Liabilities to Assets is a pilot project and partnership between NewVue, the Department of Housing and Community Development and the five municipalities of Athol, Gardner, Leominster, Fitchburg and Clinton.

a small pale yellow house with a white door and gray roof surrounded by an overgrown lawn and large trees

This program was made possible, in part, through the support of Neighborworks America. A grant from Neighborworks provided the much-needed initial funding for this project that identifies abandoned houses causing blight and rehabilitates those houses.   The program provides families with incomes between 60% and up to 110% of the area medium income an opportunity to purchase an affordable home.

Neighborworks’ grant, in support of NewVue’s expansion and growth, funded the legal, financial and feasibility studies, housing assessments to start the 121A Plan (cataloguing potential homes) as well as staff and administrative startup costs.  That initial investment has resulted in the recent completion of the first home on Lorchris Street and positioned NewVue to move forward with other houses in the region.

a pale yellow house with a white door, a gray roof, and a red brick path in front, shaded by surrounding trees
Ready for Sale

Hired in March of 2019  as the Director of the Liabilities to Assets program, Anne Reitmayer oversees the transformation of each home beginning with identifying qualifying houses through to the sale of the rehabbed home. Anne, who has spent most of her career in real estate stated, “this  program is making a difference, it’s important work that benefits neighborhoods, the new homeowner and our economy. The value of this program can be measured well beyond the joy it will bring to the new homeowners, although that is my favorite part.”

NewVue has additional homes under development in Fitchburg, Leominster and Athol.

a kitchen with brown cabinets, gray marble patterned countertops, a steel double sink, steel refrigerator, gas oven, microwave oven, and open shelves
an empty room with wood flooring, beige walls, and mirrored closet doors