City of Reading And Realtors® Launch New Housing Program

News provided by

Pennsylvania Association of REALTORS

Oct 18, 2012, 03:00 ET

First CORE property for sale in Reading

READING, Pa., Oct. 18, 2012 /PRNewswire-USNewswire/ -- A unique affordable housing program called CORE (Community Reinvestment) was launched today in the City of Reading. CORE, created through a partnership between the City of Reading, the Reading-Berks Association of Realtors® (RBAR) and the Pennsylvania Association of Realtors® (PAR), will help revitalize Reading by selling abandoned properties and putting them back on the tax rolls. The City of Reading is offering special tax incentives to those who purchase CORE-designated properties.

"Many working families are priced out of today's real estate market," said PAR President Frank Jacovini. "CORE will provide much-needed affordable housing for first-time homebuyers, teachers, firefighters, police officers and others who are essential to the economic vitality of our communities."

Linda Kelleher, city clerk for the City of Reading, is a strong advocate for the CORE program. "We believe public/private partnerships like CORE will spur much needed change to the homeownership culture in Reading," she said. "CORE will help reinvigorate the city."

Realtor® Mark Mohn with RE/MAX of Reading has worked on the project at the state and local levels and is listing the first CORE property at 737 North Fourth Street in Reading. "CORE helps simplify and streamline the process of selling government-owned properties. Realtors® understand the importance of revitalizing our community to help stabilize other home values in that area and strengthen neighborhoods," he said.

"Our Realtor® members have worked with city officials to customize CORE to meet the needs of Reading," explained Chuck Liedike, RBAR government affairs director. "One of the unique incentives included is the reduced transfer tax to 1 percent. This incentive will ensure that buyers interested in fixing up the property can do so without any needed issues related to a higher transfer tax."

To learn more about the CORE program, visit PARealtorCORE.com.

The Pennsylvania Association of Realtors® is a trade/professional association that serves more than 28,000 members in the Commonwealth of Pennsylvania.

SOURCE Pennsylvania Association of REALTORS