Daytona Beach part of Volusia County Purchase Plan for Foreclosed Homes

Using $5.22M in federal funds, Volusia County will begin dealing with the foreclosure crisis. The County Council June 4 approved a plan that effectively makes the county a major player in the market for homes already repossessed or abandoned.

The county received $5.22 million under the Housing and Economic Recovery Act of 2008, from the US Dept. of Housing and Urban Development, and has 18 months to spend the funds.

Community Assistance Director Ed Jasper said, "The lion’s share of the grant — 60 percent — must be spent to buy homes in targeted areas identified by the HUD as having a high risk of foreclosure. The primary target areas are DeLand, Edgewater, Holly Hill and Orange City. Secondary target areas are DeBary, Lake Helen, Ormond Beach and South Daytona."

According to the West Volusia Beacon, here are some requirements of the program:

1. Prospective buyers in the program must qualify for assistance in the deal, and any housing purchased with the funds is subject to county approval.
2. The homes — single-family dwellings, town homes or condominiums — must be listed for sale at no more than $189,750. Prices will be determined by professional appraisals.
3. In addition, the homes must be unoccupied and owned by the lender. Jasper said the county will seek to buy the foreclosed homes at a discount, perhaps as much as 15 percent.
4. The home must have been foreclosed as a result of the sub-prime market.
5. None of the grant funds may be used to help distressed homeowners avert the loss of their homes.
6. First-time home-buyers may qualify for financial assistance based on their income in relation to the median income of the area and the price of the home. Assistance may be given to households with an income equal to 120% of the area’s median income.

To read the full article, and find out how the county will deal with repairs and resales, visit West Volusia Beacon Online.

I can help you avoid foreclosure. Contact me now if you are having trouble paying your mortgage.

Sherry Armstrong, Realtor
Certified Distressed Property Expert
386-679-3191
sherry@sherryarmstrong.com
http://www.daytonabeachflhome.com/
http://www.sherryarmstrong.com/