The housing organization in South Florida gets the opportunity to purchase over 2,000 homes in foreclosure. It could ultimately end up with individual homebuyers. The Federal Housing Finance Agency stated it is broadening its Neighborhood Stabilization Initiation Program to South Florida. And, 17 other metro areas across the nation.
How does Neighborhood Stabilization Initiation Program work?
Since the beginning of December, housing groups got the opportunity to purchase properties valued at $175,000 or less. This is before making them available to the general public. Such groups can then renovate, rent and or resell them to such individuals who meet the income qualifications. Some properties will be torn down alltogether and rebuilt.
Mortgage companies Freddie Mac or Fannie Mae. own the properties under foreclosure. The FHFA oversees them all. The program started last year in Detroit and later in the Chicago area. Rob Grossinger, the president of the National Community Stabilization Trust, nonprofit partners with Freddie, Fannie, and community housing groups nationwide, stated that the homes will play a big role for first-time buyers. That is, for those who have been struggling to get in the housing market. The program’s design, however, is not for buyers in higher price rangers; where there continues to be a shortage of listings.
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