Foreclosure Program Moves Forward

Hernando Today

BROOKSVILLE - With hundreds of homes currently in foreclosure in Hernando County, it didn't take much impetus for county commissioners to green-light a program designed to help alleviate the situation.

The board voted unanimously Tuesday to move forward with a Neighborhood Stabilization Program (NSP) that 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.

In outlining the program Tuesday, Health and Human Resources Director Jean Rags said the program is targeted toward areas of the county with the highest number of current and potential foreclosures and the highest percentage of sub-prime mortgages.

In Hernando County, those areas would primarily be in Spring Hill, especially in the 34606, 34608 and 34609 zip codes.

If it qualifies, Hernando County would use the $4.3 million to acquire, rehabilitate and renovate foreclosed or abandoned residential properties and sell them to people whose income does not exceed 120 percent of area median income.

For a family of four, that would be $67,800 a year.

As part of the program, $1.3 million would also provide rental housing for people whose income doesn't exceed 50 percent of the area median income.

That would be $28,250 for a family of four.

The board stressed it would only handle the money and would outsource the direct acquisition of the homes to the public sector.

A consultant will be hired to oversee the program.

After reviewing the plan from Rags, county commissioners on Tuesday voted unanimously to set a 15-day public comment period for residents.

County commissioners will then meet on Tuesday, March 31, to decide on final approval.

The county's application and plan must be submitted to the state by April 6.

The NSP is available for public inspection and comment through March 26 on the county's Web site at www.co.hernando.fl.us/ or upon request.

For more information, call Rags at 540-4338 or e-mail her at jeanr@co.hernando.fl.us.