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Blighted Area
A blighted area is a neighborhood or vicinity that has deteriorated. Various factors contribute to this deterioration including crime, foreclosures and the closing of nearby businesses that help stimulate the local economy. However, blighted areas can be restored. One way to restore blighted areas is to refurbish any dilapidated houses in the area. Interested buyers can inquire with a lender in order to find out if there are any incentives available if one chooses to buy and restore homes in a blighted area. Sometimes, there are certain tax or financing incentives available for those who purchase property in a blighted area with the intention of restoring it. This may include home builders who wish to construct new homes as well as buyers of existing property. Local government agencies may have knowledge of available incentives as well.