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Tampa To Buy Foreclosed, Abandoned Homes

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By CHRISTIAN M. WADE

cwade@tampatrib.com

Published: November 14, 2008

TAMPA - City officials unveiled plans Thursday to buy 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 Thursday. "This stabilization fund will go a long way to help."

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

The city plans to work with 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 Bay area, including Hillsborough, Pinellas and Pasco counties, will get about $70 million.

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

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