TBO.com - TBO is Tampa Bay Online

Tampa To Buy Foreclosed, Abandoned Homes

ADVERTISEMENT

By CHRISTIAN M. WADE

cwade@tampatrib.com

Published: November 13, 2008

TAMPA - City officials today unveiled ambitious plans to purchase more than 100 foreclosed and abandoned homes in neighborhoods hardest hit by the mortgage crisis.

Money to buy the properties will come from Tampa's $13.6 million share of funds from the U.S. Department of Housing and Urban Development's $3.92 billion Neighborhood Stabilization Program, an emergency response to escalating foreclosures nationwide.

Sulfur Springs, North Tampa and Old West Tampa have been identified as target areas, based on the high rates of subprime mortgages, mortgage defaults and delinquencies.

"We have entire blocks in Sulphur Springs that are one foreclosed home after another," Mayor Pam Iorio said today. "This stabilization fund will go a long way to help."

Iorio's plan calls for buying about 80 foreclosed homes in those areas that will be fixed up or torn down and resold. Another 30 foreclosed properties will be purchased with the funds and rehabilitated as rental properties, both requirements of the federal grant.

The city plans to partner with local nonprofit groups and charitable organizations to find eligible buyers.

The money will not be available to homeowners facing foreclosure.

Florida, which posted the third-highest foreclosure rate in the nation in October, expects to receive $541 million through the program, according to state officials. The Tampa Bay area, including Hillsborough, Pinellas, and Pasco counties, will get about $70 million.

Reporter Christian M. Wade can be reached at (813) 259-7679.

Share this:

Loading Comments...

Email Print

ADVERTISEMENT