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The Tampa Tribune

Published: June 24, 2008

Help could be on the way for Hernando County's depressed housing industry - not only for the construction of new homes but help to reduce the huge inventory of used homes.

The State of Florida's Appropriation Act for FY 2008-09, which begins on July 1 has a line item appropriation of $20 million to be used by first-time homebuyers to assist them in the purchase of a home. The program, through the Florida Home Finance Corp., provides down payment assistance for first-time buyers who meet several criteria. Among that criterion is an income limit which is 80 percent of the county's median income, and the price of the home cannot exceed $222,300.

This appears to be help for the affordable workforce housing that the county has been trying to assist.

One of the requirements of the act is that counties and/or municipalities reduce impact fees on single family homes for a period of 18 months by at least 25 percent subsequent to July 1.

There were other options, but this one is the only one that the county has remaining to access the funds. While no one can say for sure what positive results can be accomplished, it certainly is better than doing nothing.

While it could help builders and Realtors, it could also positively affect appraisers, title companies and lenders as well as extend into the retail sector by new homeowners requiring goods and services for themselves. This is what is referred to as the multiplier effect in economics.

While all the questions that could be asked will not be answered today, the Hernando County Commission would do well to schedule a public hearing on this matter to get any unanswered questions resolved. Inaction means delay, and time is not on our side.

With Hernando County leading the state's unemployment statistics, we need to act promptly and prudently on this issue and that means scheduling the public hearing.

This money is available for the next 12 months only and, so far, there are at least two counties that may be eligible to participate in the program.

Let's make Hernando the third county.

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