Fort Lauderdale joins program to buy, resell foreclosed homes

Sun Sentinel ^ | June 7, 2009 | Randy Abraham

[Lorianne]

Fort Lauderdale has formally joined a national program that will provide $3.7 million to purchase and renovate foreclosed homes in the city and sell them as affordable housing.

The city will receive the $3.7 million from the U.S. Department of Housing and Urban Development through the Housing and Economic Recovery Act of 2008.

The city hopes to soon establish a qualifying period and deadline for those wishing to take part in the program and determine the price range of homes to be offered. City officials will meet with the three vendors to discuss program policies, procedures and processes.

To be eligible, applicants must have a total household income at or below 120 percent of the median income and must attend homeowner classes and receive other counseling. Those wishing to buy a home need not be a city resident or first-time home buyer; however, they cannot own another piece of property.

The city would purchase properties by issuing a check directly to the title company, but the selected vendor would actually own the home during its renovation and sell it directly to the buyer.

The $3.7 million grant is expected to provide funding for about 25 homes, and as homes are sold to buyers, the money would be used to purchase additional foreclosed properties. The program will be in effect for four years.

[Lorianne]

What a great plan! How did they think of this ?!

Take money from some taxpayers and give it to other taxpayers

Brilliant!

[SJSAMPLE]

Can’t wait to see what these homes look like in a few short years.

People who cannot afford a home should not be placed into a home by government interference.

[E. Pluribus Unum]

More Section 8 housing to destroy more neighborhoods.

Great.

As Program Moves Poor to Suburbs, Tensions Follow

American Murder Mystery

[Major Matt Mason]

In each case, Suresh has now confirmed, the first hot spots were the neighborhoods around huge housing projects, and the later ones were places where people had moved when the projects were torn down. From that, she drew the obvious conclusion: “Crime is going along with them.”

Thank you, Ms. Obvious. If some white person says this, they are labeled a racist. But it is OK for someone of color to say the exact same thing. Simply put, there is corruption in the black community that has to be dealt with honestly. Clearly, moving on up doesn't take the ghetto out of the people. And those that unwittingly have to deal with the fallout from this stupidity deserve better.

[mrmargaritaville]

the local governments-state, city etc, should be buying these homes and then reselling them-at below market value and with subsidized interest rates to veterans. The will probably be selling the home to someone who is 1) appreciative, 2) financailly competent 3) a “quality” neighbor.