October 19, 2017

Foreclosures | Stimulus

Hillsborough Is Buying Fixer-Uppers

Art Levy | 10/1/2009

Using the first of its $19.1-million allotment from the federal government’s Neighborhood Stabilization Program, Hillsborough County has purchased a foreclosed handyman’s special in Tampa’s Clair-Mel neighborhood. Lanette Glass, foreclosure manager of the county’s affordable housing program, says the county hopes to eventually buy, renovate and resell up to 200 homes, about 10% of the 2,000 or more foreclosures the county expects this year. Other counties are getting money, too. The $3.9-billion Neighborhood Stabilization Program, which is part of the Housing and Economic Recovery Act of 2008, targets $541 million to buy foreclosed and abandoned properties in Florida.
Here’s a snapshot of Hillsborough’s first home purchase under the federal program:

» The county paid Coral Gables-based Express Equity Lending Group $21,420 for the 888-sq.-ft. house. Express Equity foreclosed on the property in 2008 after the homeowner was unable to pay back a $65,000 loan. The county will renovate the property then sell it, but the federal program requires that the county not make a profit.

» A potentially costly aspect of such renovations is tearing out illegal additions or enclosed carports, which could add up to $30,000 to the cost.

» The rehab will include energy-efficient features, including programmable thermostats, double-pane windows, R-30 attic insulation, compact fluorescent lighting, low-flow toilets, Energy Star-rated appliances, air-conditioning units and water heaters. Typically renovations of such homes run from $20,000 to $30,000.

» Buyers of neighborhood stabilization homes can’t earn more than 120% of the area’s median income. Buyers also have to attend eight hours of home buyer counseling.

Tags: Politics & Law, Southwest, Government/Politics & Law, Housing/Construction

Digital Access

Add digital to your current subscription, purchase a single digital issue, or start a new subscription to Florida Trend.

An overview of the features and articles in this month's issue of Florida Trend.


Florida Business News

Florida Trend Video Pick

Florida's next Governor might have one big hurdle to jump through; how to travel around the state
Florida's next Governor might have one big hurdle to jump through; how to travel around the state

The misuse of state airplanes was an issue in the 2010 Governor's Race and because of it, the next governor faces a quandary when it comes to traveling the state.

Earlier Videos | Viewpoints@FloridaTrend

Ballot Box

Are the mysterious attacks on the U.S. Embassy in Havana deterring you from visiting Cuba?

  • Yes
  • Somewhat
  • No
  • N/A not considering a visit anyway

See Results

Ballot Box