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May 8, 2009 11:14 pm US/Eastern
Program Targeting Foreclosed Houses Hits S. Fla.
Millions Are Becoming Available To Potential Homeowners
CORAL SPRINGS (CBS4) ―
Dina Michael filled out all the forms, attended all the meetings and waited for the letter to arrive. On Wednesday Michael got word that she will receive up to $25,000 to use towards the purchase of a foreclosed home, and you might have the chance too.
The money is part of the Housing and Urban Development Neighborhood Stabilization Program or NSP. The program is pumping millions into communities across the country to deal with foreclosures, create affordable housing and take a small step towards stabilizing the housing market.
"It's enabling those that normally that wouldn't be able to buy a home to buy a home and get that home off the market, which will in turn help our realtors," Michael told
CBS4's Carey Codd.
CBS4 rode along with Michael and realtor Karen Bergman, as Michael looked at three foreclosed homes in Coral Springs. Several of the homes had glaring problems, like missing appliances, rundown interiors and other issues.
Michael said she understands these homes, which have sat vacant for weeks or months, will need work.
"I didn't come into this program expecting a new home," Michael said. "Nor did I come into the program thinking there were stainless steel appliances."
Under the rules of the program, Michael has 60 days to close on a home for her and teenage daughter.
States, counties and cities across the country are in the midst of funding their Neighborhood Stabilization Program. Applicants must meet several strict requirements: the home must be a primary residence, the buyer must have good credit, and the buyer must live in the home for a certain number of years based on the amount of money they received. If the buyer leaves early, he or she must repay all or part of the grant.
The city of Coral Springs received more than $3.3 million to deal with 285 foreclosures in the city's 33065 zip code. The foreclosed properties are a mixture of condos, townhouses and single family homes. City officials expect the program will alleviate 65 to 70 foreclosures.
"It's really about providing affordable housing to the community, stabilizing the neighborhoods and assisting the tax base for the cities and counties," said Coral Springs Chief Planner Jim Hickey.
Several other Broward cities – like Pembroke Pines and Miramar – have already closed their application process.
Broward County, which is handling NSP funding for 14 cities, including Coconut Creek, Hallandale Beach, Weston and Oakland Park, is set to announce their program next week.
Broward County Commissioners are expected to approve funding to purchase 150 foreclosed homes, rehab them and sell them to qualified buyers.
John Batey, Housing Program Supervisor for Broward County, said the county expects to begin buying properties in June, rehabbing them and selling them in August. The application process should begin sometime over the summer.
Dina Michael said the program is a life-saver for her. She doubts she could purchase a home without the grant.
"I don't have the savings to do that," she said. "Times are tough. I work two jobs and we just try and make rent."
Michael did not fall in love with any of the homes she saw Friday but she knows her search is only beginning.
"I know one's out there for me," she said.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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