Foreclosed homes to be rehabilitated for new buyers in South Florida
Written by Emil Fleysher | December 21, 2015 | Foreclosure
The housing organization in South Florida have been given the opportunity to purchase over 2,000 homes in foreclosure that could ultimately end up with individual homebuyers. The Federal Housing Finance Agency stated it is broadening its Neighborhood Stabilization Initiation to South Florida and 17 other metro areas across the nation.
Since the beginning of December, housing groups have been given the opportunity to purchase properties valued at $175,000 or less before making them available to the general public. Such groups can then renovate, rent and or resell them to such individual who meet the income qualifications. Some properties will be torn down all together and rebuilt.
The properties under foreclosure are owned by mortgage companies Freddie Mac or Fannie Mae. All of whom are overseen by the FHFA. 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 pay a big role for first-time buyers who have been struggling to get in the housing market. The program, however, is not designed for buyers in higher price rangers where there continues to be a shortage of listings.
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