Thanks to a federal grant worth $23.2 million, new homes are being refurbished by Habitat for Humanity chapters and new homeowners to make up for those lost in the foreclosure crisis. The first refurbished home will be dedicated on October 28.

The first finished house, according to the Real Deal, is a two-story home located at 524 S E Street. The process was completed by volunteers and the future homeowners: Michael Phillips, his wife and two children.

The Phillips family currently lives in a rented house, but will move into their new home as soon as they close on it. In typical Habitat for Humanity style, the Phillips family will pay for the home with an interest-free mortgage.

Over 20 homes are currently in the process of being refurbished, using the grant money, for prospective Lake Worth homeowners. The federal grant consortium partners are hoping to purchase and redevelop 130 new properties by February 2013.

Refurbishing homes and using them to bring in new homeowners will help transform Lake Worth into a more stable community, instead of one torn apart by foreclosures and rental properties.

The Lake Worth Community Redevelopment Agency also hopes to use some of the grant money to construct 11 townhouses designed for artists to use not only as housing, but as live-work space. Lake Worth’s CRA has been promoting its reputation as an arts destination.

The CRA is currently looking for qualified home buyers to purchase those refurbished homes that are expected to be finished this year. The price range will be from $80,000 to $120,000.

Grant program administrator Mike McManaman encourages all interested buyers to consider this option and to stop being afraid of homeownership.

“We have a great team in place to help you realize your home-ownership dream,” says McManaman.