Hernando county is in line to receive almost 4.3 million dollars to help with foreclosed and abandoned properties in areas of greatest need. These areas include 34606,34607,34608,34609,34614 and 34601. There are 2 separate allocations in this funding one is NSP which is purchase assistance to qualified buyers of foreclosed homes including down payment assistance (50% max), closing costs,principle reduction,rehab/appliances (includes code and marketability) with a maximum of $40,000.00 based on number in household. The other is Supplemental Low-Income which will help public housing authorities and non-profits rehab and rent and manage REO properties as very low income rental housing. The county will not own properties it will only be responsible for financial payments, administration and grant oversight.
Application packets are supposed to be available starting May 20,2009 with preliminary foreclosure list being established. This will be a great opportunity for everyone in the housing industry from appraisers and contractors to realtors and surveyors , but best of all it will help home buyers get back in the market and mean lenders will be able to eliminate many sub prime assets which are dogging their books.
This is a program that is nationwide and available in most counties in Florida with each county running their own Neighborhood Stabilization Program.
