September 19, 2014

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

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