Don't Let The Bad Economy Get You Down!
Sep 30, 2009 9:56 pm US/Eastern
Govt. Offers Assistance To Buyers Of Foreclosures
MIAMI (CBS4) ―
Chris Moore knows now is the time to buy a home. Prices are down, inventory is up and a deal can be had.
But the auto mechanic and single father of two says he needs help to afford a home.
He's hoping the Neighborhood Stabilization Program, or NSP, will give him the boost he needs.
"I've just been working my whole life," he said. "Being a single father, I can't afford things. Hopefully, I'll get some help, maybe things will turn around."
NSP is a government program created through the Troubled Assets Relief Program while President George W. Bush was in office. The program provided billions of dollars to states, cities and counties to deal with the flood of foreclosures. The dollars are trickling down to South Florida communities.
Patricia Stevenson, Executive Director of the Broward Alliance for Neighborhood Development or BAND, is coordinating the program for Broward County and several other municipalities.
"The goal is a., stabilize the neighborhood by turning these homes back into owner occupancy and provide decent affordable housing for families of Broward County," Stevenson told
CBS4's Carey Codd.
The program works like this: BAND will purchase dozens of foreclosed homes in Broward County, hire contractors to renovate the homes, bring them up to code and the homes will be sold to qualified buyers. The money from the sale of the homes will be used to purchase more foreclosed homes and continue the process.
Some of the homes need lots of work.
CBS4 got a tour of a home in Plantation that is part of the program. The 3 bedroom, 2 bath home has a hole in the roof, lacks an air conditioning system and kitchen appliances. Stevenson said the repair job will cost tens of thousands of dollars but will leave the home primed for a new owner.
"One of our goals is for our buyers to not have a lot of maintenance costs in the first few years they own the home," she said.
Homeowners who are interested in the program must meet income and credit requirements, must attend a homeowners workshop and must qualify for a mortgage.
A single person making less than $64,320 could qualify for the program. A couple making less than $73,440 could also qualify as could a family of four earning less than $91,800.
"It really is an opportunity to get some people back into homes that need repair and great neighborhoods with great houses, so we're excited about it," Stevenson said.
The NSP has other benefits as well, like providing jobs for workers. BAND will hire contractors who will in turn hire employees to do roofing, electrical and other work.
For more information on the program, call BAND at 954 524-9844. 
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
Fabulous Freebies Found Online
Click to enlarge
Stumble It!
Reporting
