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Hernando Today

Spreading The Word

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By MICHAEL D. BATES

Hernando Today

Published: March 19, 2009

BROOKSVILLE - Removing the glut of foreclosed, abandoned and unsellable homes from the market is key in reinvigorating the local economy, business and economic development committee members said Tuesday.

Helping residents get the loans and down-payment assistance to be able to buy homes is equally important, they said.

To that end, members recommended the county develop a marketing plan to better publicize existing housing programs and help potential homeowners buy up some of these properties and make home ownership possible.

"I don't believe the general public has a clue as to what may be available out there," Committee Chairman John Druzbick said.

Housing Authority Director Donnie Singer identified seven programs designed to help low-income taxpayers.

One of the most popular is the Down Payment Assistance Program, which provides zero-percent loans to qualified applicants to help them with down payment and closing costs,

The loans are available for up to 20 percent of the purchase price of the home and would be repaid to the county upon refinancing or the selling of the home.

The Neighborhood Stabilization Program (NSP) allows the county to access federal money that would help people, especially in areas of the county most affected, to move into foreclosed homes.

The NSP is part of the Housing and Economic Recovery Act of 2008, which allocated $541 million to Florida. Of that, Hernando County is expected to receive $4.3 million.

Member Richard Matassa suggested the county work with the Hernando Builders Association and local Realtors to spread the word.
Matassa said a sign on THE Bus advertising these programs would get people's attention.

Member Nick Nicholson said the county could produce an inexpensive pamphlet that could be distributed by local real estate agents and builders. Nicholson said Office of Business Development Director Mike McHugh could also pass it out to potential business clients.

County staff will come up with ideas and report back to the next budget committee meeting in April.

To view all the programs, their income requirements and types of loans, visit: http://hernandocountyfl.iqm2.com/citizens/Detail_M... and scroll down to housing assistance programs.

To learn more about the NSP, go on the county's Web site at www.co.hernando.fl.us/ or upon request.

Reporter Michael D. Bates can be reached at 352-544-5290 or mbates@hernandotoday.com.

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