Foreclosure program awaits state approval

The $5.6 million pot of money Hernando County has been earmarked to help low- to moderate-middle income homebuyers move into foreclosed homes county is still awaiting final state approvals.
County officials are waiting for the award letter and contract from the Florida Department of Community Affairs to begin the program.
Anticipating approval, county commissioners approved a contract with Mascotte, Fla.-based Guardian Community Resource Management for the administration and management of the state grant money.
Commissioners hope the Neighborhood Stabilization Plan will put local contractors to work by fixing up some of the foreclosed homes in the area.
The money will be used in areas of the county with the highest number of current and potential foreclosures and the highest percentage of sub-prime mortgages.
Health and Human Services Director Jean Rags said the local real estate professionals and financial institutions will participate in the program once it is up and running.
The U.S. Department of Housing and Urban Development's intent in creating the NSP program was to stabilize communities affected from foreclosures and abandonment through the purchase and redevelopment of those properties.