The Housing and Economic Recovery Act of 2008, (HERA 08), is expected to help Florida’s home foreclosure crisis. Florida’s allocation is $541.3 million of the $3.9 billion designated for local governments for foreclosure and abandoned home assistance through the Community Development Block Grant program. These allocations will allow cities and counties to purchase, rehabilitate and in turn, sell the acquired properties or add the properties to the local government’s land bank. HERA 08 also includes provisions to create further underwriting opportunities for mortgages that are in danger of being foreclosed upon, establishes a National Housing Trust Fund and several other service- oriented provisions that fund housing programs for specific need populations. The League of Cities has spent significant time analyzing the bill and will provide you with specific Department of Community Affairs program rules when available. Your city’s allocation can be found at: www.hud.gov/offices/cpd/communitydevelopment/programs/neighborhoodspg. The Department of Community Affairs is in the process of establishing rules that will determine the application process, individual grant distribution and accounting requirements. If you have any concerns about your cities allocation or your cities ability to implement this program, please contact the Florida Department of Community Affairs, Community Development Block Grant program at (850) 922-1887. HUD Publishes Federal Requirements for Neighborhood Stabilization ProgramHUD has published the "Notice of Allocations, Application Procedures, Regulatory Waivers Granted to and Alternative Requirements for Emergency Assistance for Redevelopment of Abandoned and Foreclosed Homes Grantees under the Housing and Economic Recovery Act, 2008." This Notice covers the requirements for the Neighborhood Stabilization program, under which Florida is receiving over $541 million. The Florida Housing Coalition announces the Neighborhood Stabilization through Acquisition of Foreclosure Affected Properties for Affordable Housing workshop, sponsored by Bank of America.When a home becomes a bank owned property through foreclosure, non-profits, lenders and housing administrators have an opportunity to follow the bad with some good. These homes, known as real estate owned, or REOs, are often priced in a range that will allow for acquisition, rehabilitation and resale to lower income buyers. This not only stabilizes the community by converting a vacant property into an occupied unit, but also adds to the stock of affordable housing. At this workshop, sponsored by Bank of America, learn how to identify these units, acquire them, and dedicate them to affordable housing. The Housing and Recovery Act of 2008 (HERA) will be discussed along with other funding sources. This workshop is for non-profit housing providers and local governments who are recipients of HERA funding and who are designing strategies to acquire these properties. Lenders and REO managers are also welcome. The dates and locations of the workshops are as follows:Tuesday, October 21, 2008, from 8:30 a.m. - 5:00 p.m.
Crowne Plaza Fort Myers
Fort Myers, FL Thursday, October 23, 2008, from 8:30 a.m. - 5:00 p.m.
Sheraton Suites Plantation
Plantation, FL Register for these free workshops at www.flhousing.org. If you have any questions contact Desinda “Dee” Carper at the Florida League of Cities (850) 701-3612. The Neighborhood Stabilization Program Web page is up and running…The following items are already posted: Additional ResourcesOfficial Web site of Florida's Chief Financial Officer: www.myfloridacfo.com/
|
