Palm Coast to Pursue Federal Funds for Neighborhood Stabilization Program
City will apply for $2.6 million in federal grant money to help absorb foreclosed homes.
Palm Coast, Florida – February 16, 2009 – The State of Florida has targeted the City of Palm Coast for $2.6 million of federal grant funding through the Neighborhood Stabilization Program. The City intends to apply for the funding and, if awarded, will purchase and renovate targeted homes throughout Flagler County that have been foreclosed and are bank-owned. Once rehabilitated, the homes will be made available to individuals and families who meet income requirements. The move is expected to help turn the local real estate market.
For example, a family of four, with an annual income less than $67,750 or an individual earning less than $46,700 could qualify for down payment assistance to purchase a home that has been rehabilitated.
The City will hold a public meeting on Wednesday, February 25th to provide an opportunity for citizen input regarding the administration of the grant funds and identification of locations with the greatest need. Local businesses are also encouraged to attend the meeting to learn how they can participate in the program. The meeting will be held at the Flagler County Government Services Building, 1769 East Moody Blvd. beginning at 6:00 p.m.
The Department of Housing and Urban Development established the Neighborhood Stabilization Program to award funds to States, Counties and Cities based on the number of foreclosures and mortgage defaults in a community. The City of Palm Coast intends to apply for the grant funds by Wednesday, April 1st and if approved, must spend the funds within eighteen months.
"If awarded?
Why would you hold a meeting when you don’t know yet if you are going to be awarded the funds?
REALTOR, CRS
I’m a realtor who has been in the business for many years. I remember when the city was so concerned about the fact that housing was so expensive. They were concerned local law enforcement and teachers, etc could not afford to live in Palm Coast. My feelings then as now is "let the market correct itself" and it did. This market will correct itself as well. It can do it without government intervention. Has anyone reported the numbers to you. Have you seen how the number of homes on the market has gone down. It’s not going to happen overnight, but we are seeing reductions in inventory. I am totally opposed to the Palm Coast applying for this funding. Your job is to protect and serve, not act as landlords.